(RTTNews) - German utility RWE AG (RWEOY.PK) reported Wednesday lower nine-month Group earnings, as expected, due to weak earnings in the Flexible Generation and Supply & Trading segments. These results offset improved performance in the Offshore Wind and Onshore Wind/Solar segments.
The company's adjusted net income for the first nine months of fiscal 2024 was 1.64 billion euros, compared to prior year's 3.10 billion euros.
Adjusted EBIT declined to 2.51 billion euros from 4.27 billion euros a year ago. Adjusted EBITDA dropped to 3.98 billion euros from 5.71 billion euros in the prior year.
The company noted that some prior-year figures have been restated.
Further, the company confirmed dividend target of 1.10 euros per share for fiscal 2024.
The company has announced that it will buy back shares with a total volume of up to 1.5 billion euros. The share buybacks are set to start still in the fourth quarter of 2024 and extend over a period of up to 18 months.
Looking ahead to fiscal 2024, RWE has raised its earnings expectations due to improved earnings prospects in the Flexible Generation and Supply & Trading segments.
The company now expects to reach the middle of the forecast range for adjusted net income and adjusted EBITDA at Group level, while previously it anticipated adjusted earnings would trend toward the lower end of the outlook citing the significant decline in electricity market prices.
For the year, the company's outlook range is adjusted net income of 1.90 billion euros to 2.40 billion euros, adjusted EBIT of 3.20 billion euros to 3.80 billion euros, and adjusted EBITDA of 5.20 billion euros to 5.80 billion euros.
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