RWE's EPS at €1.18 in Q1, down 24% YoY

Thursday, 14. May 2020 07:09

RWE AG revealed on Thursday that its earnings per share (EPS) stood at €1.18 in the first quarter of fiscal 2020, representing a decrease of 24% compared to the corresponding period a year ago.

Net income amounted to €728 million in the opening trimester, declining by 24% on an annualized basis. External revenue, excluding natural gas tax and electricity tax, rose by 2.3% year on year to €3.8 billion in the first three months of 2020, while adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) surged 59% to €1.3 billion in the same time span.

"The IMF's economists believe that German gross domestic product will decline by 7 %. [...] Demand for electricity will track the drop in economic output. Based on the above economic forecast by the IMF, we expect declines of between 5 % and 6 % for the [...] RWE core markets. The dampening effect of the corona crisis on demand for energy is already reflected in the steep drop in wholesale electricity prices. It is uncertain when prices will recover," the company said in a press release.

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