HELSINKI (Reuters) -Finnish utility Fortum on Friday posted second quarter earnings below estimates and said its results were affected by lower electricity market prices and generation volumes
Fortum Reports Second Quarter Earnings Below Market Expectations
Fortum's Financial Performance
HELSINKI (Reuters) -Finnish utility Fortum on Friday posted second quarter earnings below estimates and said its results were affected by lower electricity market prices and generation volumes compared to a year earlier.
Impact of Electricity Prices
"Power prices were under pressure both from abundant hydro reservoirs at the beginning of the quarter and from increased wind production," CEO Markus Rauramo said in a statement.
Geopolitical Challenges
Fortum said its April-June comparable operating profit fell to 115 million euros ($134.21 million) from 233 million a year ago, missing a mean estimate of 133 million in a poll provided by the company.
"Uncertainty in the operating environment has remained strong due to ongoing geopolitical conflicts and U.S. tariff plans and may pose challenges to major industrial investments in the Nordics," Rauramo said.
($1 = 0.8569 euros)
(Reporting by Essi Lehto, editing by Terje Solsvik)
