By Adriano Marchese

Oersted AS said Tuesday that it has increased its operating profit guidance for 2020, but cautioned that the increase is due to a temporary boost.

The Danish offshore-wind developer said it expects earnings before interest, taxes, depreciation and amortization to be 18 billion Danish Krone ($2.94 billion), ahead of their previous guidance range of between DKK16 billion and DKK17 billion.

"We achieved higher-than-expected earnings from our operating assets and trading related to hedging of our power exposures, and we saw positive temporary effects in our gas portfolio business due to higher gas prices at year-end," the company said.

Looking ahead to 2021, adjusted Ebitda--which excludes new partnership agreements--is expected to be between DKK15 billion and DKK16 billion.

It noted that the exclusion of new partnerships in the figures are due to the fact that it is difficult to predict exact timing of potential farm-downs, as well as the distribution of income between years if the partnership includes a construction agreement.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

01-12-21 1237ET