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E.ON: first-quarter profit falls on tough comparison, UK

(CercleFinance.com) - E.
ON, Germany's biggest utility group, said on Monday that its first-quarter earnings fell by 8%, blaming an "extraordinarily strong" first quarter in 2018.

First-quarter earnings before interest, tax, depreciation and amortization (EBITDA) dropped to 1.2 billion euros in the first three months of the year, from 1.3 billion euros a year ago.

Adjusted net income came in at 650 million euros, below last year's figure of 727 million euros.

The customer segment's adjusted EBIT decreased significantly year-on-year, from 392 million euros to 219 million euros, the group said, primarily due to the "special situation" in the UK.

"The UK remained under considerable pressure due to the new regulatory cap for power prices and keen competition," one analyst commented.

However, E.ON said that EBIT at its renewables division rose by 23% to 211 million euros, helped by an increase in output due to the commissioning of offshore wind farms in Germany and the UK and an onshore wind farm in the US.

E.ON has confirmed its 2019 outlook, expecting adjusted EBIT of between 2.9 billion euros and 3.1 billion euros, adding that the takeover of innogy is "on schedule."

The E.ON shares were down 0.7% in Frankfurt after this report.

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