E.ON SE, one of the largest European electric utility companies, posted its quarterly earnings earlier today, exceeding the expectations.
The Q2 net profit figures came in at €596 million, compared to last year’s loss of €2 million. Simultaneously, the adjusted net income grew to €262 million from a previous €235 million.
The company’s revenue almost doubled from €6.72 billion to €12.84 billion. According to E.ON, the increases are due to its takeover of Innogy SE – a German utility company.
Despite the good results, it cut its outlook for the rest of the year. The net income is expected to reach a high of €1.7 billion from a previous top of €1.9 billion. The earnings before interest taxes (EBIT) are seen at €3.8 billion from a prior forecast of €4.1 billion.
The market didn’t budge over the good results, and currently, E.ON stock price is trading 0.56% lower.
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Sources: marketwatch.com, finance.yahoo.com