E.ON’s nine-month profit soars on weather, cost cuts, one-offs

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FILE PHOTO: A shareholder holds a bag with E.ON’s logo during the company’s annual shareholders meeting on May 10, 2017 in Essen, Germany. Businesshala/Thilo Schmuelgen
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MUNICH (Businesshala) – E.ON’s nine-month profit jumped nearly half, the German energy firm said on Wednesday, citing cooler weather, cost-cutting at its British retail business as well as the country’s nuclear exit. Referring to the respective compensation.

Nine-month adjusted earnings before interest and taxes (EBIT) rose 46% to 3.93 billion euros ($4.54 billion), the company said.

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E.ON confirmed that it still expects adjusted EBIT of 4.4 billion to 4.6 billion euros for the full year.

Profits in its Customer Solutions segment, which handles retail accounts and energy-related services, more than doubled to 910 million euros in the third quarter, up from 386 million a year ago.

E.ON’s two-pillar structure extends to regulated electricity and gas distribution grids and customer solutions.

Germany in March struck an agreement with the country’s nuclear plant operators to address the financial consequences of its decision to abandon the technology entirely by 2022, a process that has been intensified in the wake of Japan’s Fukushima crisis.

E.ON has bundled its legacy nuclear energy activities into its PreussenElektra division, where January-September adjusted EBIT more than tripled to 826 million euros, accounting for more than a fifth of the group’s profit.

($1 = 0.8655 Euro)

Reporting by Christoph Steitz and Vera Eckert; Rihm, Editing by Kirsty Knoll

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