E.ON cuts 2020 outlook as coronavirus crisis bites
Reuters
Published Aug 12, 2020 06:25
FRANKFURT (Reuters) - E.ON (DE:EONGn), Germany's largest energy group, on Wednesday cut its outlook for the current year as the coronavirus crisis hit its networks and retail business in the second quarter.
"We can now see much more clearly than at the end of the first quarter and can look ahead to the second half of the current year with greater confidence," Chief Executive Johannes Teyssen said.
The group now expects adjusted earnings before interest and tax (EBIT) of 3.6 billion to 3.8 billion euros ($4.2-$4.5 billion), while adjusted net profit is seen at 1.5 billion to 1.7 billion euros.
It had previously forecast adjusted EBIT of 3.9 billion to 4.1 billion euros and adjusted net profit of 1.7 billion to 1.9 billion euros.
COVID-19 is expected to deal a 300 million euro hit to earnings in 2020, provided no further lockdowns are ordered, E.ON said, adding half of that was due to issues of a regulatory nature and could be recovered in the 2022-24 period.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.