German energy group RWE exceeds 2023 adjusted earnings outlook

DPA
·1 min read
A sign with the logo of the RWE group stands at the entrance to the RWE campus. Fabian Strauch/dpa
A sign with the logo of the RWE group stands at the entrance to the RWE campus. Fabian Strauch/dpa

German energy group RWE on Friday announced that its fiscal 2023 preliminary adjusted earnings results are expected to exceed its outlook.

Further, the dividend target remains at €1.00 ($1.08) per share for fiscal 2023.

In Germany, RWE shares were losing 5% to trade at €34.77.

The hydro/biomass/gas segment as well as supply & trading recorded better than expected performance in the fourth quarter.

For the year, adjusted net income would be €4.54 billion, compared to outlook of €3.30 billion to €3.80 billion.

Adjusted earnings before interest and taxes (EBIT) would be €6.35 billion, compared to outlook of €5 billion to €5.60 billion, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of the RWE Group would be €8.38 billion, while outlook was €7.2 billion to €7.7 billion.

Adjusted EBITDA of the of the core business would be €7.67 billion, while outlook was €6.3 billion to €6.9 billion.

The company is scheduled to release full results on March 14.