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11.11.2020

E.ON backs its guidance, confirms target for dividends

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The energy firm posted a 10% drop in nine-month profit

Stocks impacted: E.ON (EOAN)

The German energy company registered a quarterly net profit of 620 million euros ($736.1 million), compared with 1.72 billion euros a year earlier. E.ON backed its divided guidance and confirmed it expects adjusted earnings before interest and taxes between 3.6 billion euros and 3.8 billion euros and adjusted net profit between 1.5 billion euros and 1.7 billion euros in 2020. The group confirmed its mid-term target for dividends, expecting payouts per share to grow by up to 5% per year in the 2020-2022 period. As a reminder, the firm cut its full-year outlook in the summer, citing the pandemic. Germany’s largest energy firm posted a 10% drop in nine-month profit due to the impact from the coronavirus crisis. At the same time, E.ON added that markets were recovering faster than expected.

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