RWE posts net income of €9B in first three quarters

Thursday, 14. November 2019 07:10

RWE AG said on Thursday that its net income stood at €1.5 billion, or €14.79 per share, in the first nine months of 2019, soaring from a net loss of €65 million reported in the same period last year. Adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] surged 36% to €1.5 billion, while loss from continuing operations before taxes was €254 million.

"RWE is profitable in operating terms and we have a very solid equity base. Our finances have put us back in a position to achieve growth – above all in the renewable energy business where we have formidable prospects. These are good reasons to tackle the tasks ahead of us with great optimism," CFO Markus Krebber stated. "Both the business performance to date as well as the prospects provided by our new strategy give us reason to be very confident," he added.

The energy company also improved its full-year outlook, noting it now expects to achieve adjusted EBITDA of between €1.8 billion and €2.1 billion.

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