OEZVY Verbund AG (PK)

By Cecilia Butini

Verbund AG on Thursday posted higher revenue and earnings for the first three quarters of the year, boosted by higher wholesale electricity prices, but lowered its outlook for the full year as a result of poor water supply and European Union measures to skim off profits of energy companies.

The Austrian utility company posted a profit of 1.07 billion euros ($1.05 billion) for the first nine months of the year, up from EUR587.4 million the year prior.

Revenue jumped to EUR7.62 billion from EUR2.82 billion in the same period of 2021.

The company's operating result came in at EUR1.62 billion from EUR843.6 million the previous year, and earnings per share rose to EUR3.07 from EUR1.69.

Verbund said it generated below-average electricity volume from run-of-river power plants in the third quarter due to the dry summer. It also said developments in energy markets as well as the current geopolitical situation delivered a hit to earnings, though they also received a boost from an increase in wholesale electricity prices.

Looking ahead, the company said it had to adjust its 2022 outlook as a result of poor water supply in the third quarter and due to the measures implemented in the EU to skim off profits at energy companies.

Verbund expects 2022 earnings before interest, taxes, depreciation and amortization of between about EUR2.8 billion and EUR3.3 billion, having previously guided for a range of between EUR3 billion and EUR3.5 billion. The group's profit is expected between EUR1.53 billion and EUR1.88 billion, down from a previous range of EUR1.68 billion and EUR2.03 billion.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

November 03, 2022 04:20 ET (08:20 GMT)

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