E.ON swings to a profit in Q1
On an adjusted basis, profit came in at 809 million euros
Stocks impacted: E.ON (EOAN)
The German utility swung to a profit in the first quarter of the year and now expects to achieve all its targets for 2021 and its medium-term earnings plan through 2023, including its dividend promise. The company registered a quarterly net profit of 801 million euros ($973.5 million) from a net loss of 438 million euros a year earlier. On an adjusted basis, profit came in at 809 million euros while first-quarter adjusted EBIT rose 14% on the year to 1.7 billion euros. Sales increased to 18.40 billion euros from 17.67 billion euros. E.ON finance chief Marc Spieker said energy demand in the group's core European regions was getting back to levels seen before the coronavirus crisis. Despite upbeat results, E.ON stocks shed 1.35% during the European hours on Tuesday amid broad-based risk aversion across global markets.
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