RWE: shares up on profit above expectations

(CercleFinance.com) - RWE shares were up around 3% on Wednesday after the German utility giant posted first-quarter results above expectations and confirmed its 2019 outlook.


RWE said it "got off to a good start" to 2019, with adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 510 million euros, from 299 million euros in the same period last year.

Adjusted net income increased as well, reaching 273 million euros, compared to 78 million euros last year, primarily driven by an "outstanding" trading performance, the group said.

"This trend will not be sustainable over time and should prevent the consensus from revising upward its mid-term assumption on the stock," warned analysts at French broker Odoo BHF.

The company confirmed its forecast for 2019, expecting to achieve adjusted EBITDA of between 1.2 billion and 1.5 billion euros this year and adjusted net income of between 300 million and 600 million euros.

The shares are currently trading 3.2% higher at 23.5 euros in Frankfurt.

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