E.ON: narrows full-year profit forecast, shares inch up

(CercleFinance.com) - E.
ON, Germany's biggest utility group, has confirmed the company's forecast for the 2018 financial year after the group increased its operating profit and net income in the first nine months of the year.

The Essen-based group still expects full-year adjusted EBIT to be between 2.8 billion euros and 3 billion euros and full-year adjusted net income between 1.3 billion euros and 1.5 billion euros.

However, E.ON now anticipates that both earnings metrics will be in the upper half of their respective forecast range.

In the first nine months of the year, adjusted EBIT rose by 11% to roughly 2.4 billion euros, while adjusted net income increased 25% to 1.2 billion euros.

E.ON shares rose in reaction to this news, currently trading up 0.5% at 8.7 euros, outperforming the STOXX Europe 600 Optimised Utilities index, which is up 0.1%.

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