E.ON: posts nine-month results in line with expectations

(CercleFinance.com) - German utility giant E.
ON on Friday posted a fall in core nine-month profit that matched expectations, with the group having recently completed the takeover of energy firm innogy.

Despite sales up at 23.6 billion euros, adjusted EBIT dropped by 6% to 2.2 billion euros. Its adjusted net income fell by 3% to nearly 1.2 billion euros.

Due to the completion of the innogy acquisition, E.ON has adjusted its earnings forecast, now expecting full-year adjusted EBIT of between 3.1 billion euros and 3.3 billion euros, from a previous guidance range of 2.9 billion-3.1 billion euros.

Adjusted net income is now expected to be between 1.45 billion euros and 1.65 billion euros, slightly up from a previous guidance range of 1.4 billion euros to 1.6 billion euros.

This prompted the shares to rise 0.7% in Frankfurt this morning.

In the wake of particularly challenging UK market at present, the the market seems to like the restructuring of npower.

"The time of recovery in the company is approaching fast according to us," Oddo said.

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