E.ON: first-half profit slightly beats market expectations

(CercleFinance.com) - E.
ON on Wednesday reported earnings that slightly beat the market's expectations, despite having to face fierce competition at its customer unit.

Adjusted earnings before interest and taxes (EBIT) rose by 10% to 1.9 billion euros in the first six months of the year, Germany's largest utility group said.

Adjusted net income grew by 19% to 1.05 billion euros, above the consensus.

However, according to analysts, the report didn't bring any surprises, which in a way can be considered as "good news."

E.ON - which is in the midst of taking over its German rival innogy - said it still expects full-year adjusted EBIT of between 2.8 billion euros and 3 billion euros, with full-year adjusted net income of between 1.3 billion euros and 1.5 billion euros.

E.ON shares are currently trading 1.4% lower, underperforming Germany's benchmark index, the DAX, which is down 0.1%.

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