E.ON’s nine-month earnings 11% up on year earlier

The energy giant has announced it remains on course operationally, financially and strategically

E.ON has announced by the ninth month of the year, its adjusted earnings of €2.4 billion (£2.1bn) are 11% higher than at the same point in 2017.

The energy giant has stated it remains on course operationally, financially and strategically, thanking the improvement on seasonal factors.

It expects its full-year adjusted earnings to total as much as €3 billion (£2.6bn), which would land in the upper half of the firm’s forecast range.

The Energy Networks segment’s sales of €9.1 billion (£7.9bn) were 29% below the prior-year figure of €12.9 billion (£11.2bn), which the firm blames on the application of a new International Financial Reporting Standard, which sees renewable subsidies and other levies netted out in the company’s income statement, which reduces both sales and costs of materials.

Customer Solutions’ sales remained roughly at the prior-year level, with earnings in the UK also around the prior-year level.

Sales at the Renewables segment rose by 7% to €1.2 billion (£1bn), primarily because of higher output due to the commissioning of new onshore and onshore wind farms.

E.ON’s Chief Financial Officer Marc Spieker said: “After three quarters our earnings were again higher. All the key figures and developments—primarily at our core businesses — Energy Networks, Customer Solutions and Renewables— are fully in line with our plan and we therefore affirm our forecast for full-year 2018.”

The European Commission has approved the proposed joint venture between E.ON and Danish electric mobility service provider CLEVER.

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