Iberdrola ups adjusted profit growth guidance to 8%
First Quarter Financial Performance and Updated Guidance
Adjusted Profit Growth Surpasses Expectations
MADRID, April 29 (Reuters) - Europe's largest utility Iberdrola on Wednesday upped its guidance for this year's adjusted profit growth to more than 8% from around 6% as it posted a first-quarter adjusted net profit of 1.865 billion euros ($2.18 billion), 11.4% higher than a year ago.
Impact of Foreign Exchange Rates
Iberdrola said that discounting the foreign exchange impact of 99 million euros from the depreciation of the dollar, the pound and the Brazilian real, adjusted net profit would have grown 17% in the quarter.
Reported Net Income and Analyst Expectations
Reported net income that discounts capital gains from asset rotation fell 15% to 1.71 billion euros, largely in line with the median forecast by analysts polled by LSEG of 1.72 billion euros.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)
EBITDA Performance
The company said its earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled 4.07 billion euros, down from 4.5 billion a year earlier and slightly above the median forecast of 4 billion, adding that in forex-adjusted terms, EBITDA would have grown 6%.
Exchange Rate Reference
($1 = 0.8547 euros)
Reporting Credits
(Reporting by Madrid Newsroom, writing by Andrei Khalip)
