By Max Bernhard
EnBW Energie Baden-Wuerttemberg AG (EBK.XE) on Friday backed its 2019 guidance after reporting a sharp rise in first-quarter profit.
Net profit at the German energy company nearly doubled to 273.8 million euros ($306.8 million) from EUR137.5 million a year earlier, the company said. "The doubling in net profit is largely attributable to an improvement in the financial result. This reflects a higher valuation of securities portfolios as of the reporting date," the company said.
External revenue increased to EUR6.67 billion from EUR5.93 billion.
Adjusted earnings before interest, taxes, depreciation and amortization, a metric that strips out one-off effects, fell 8.3% to EUR375.9 million.
The company confirmed its earnings guidance for 2019, continuing to expect adjusted Ebitda to rise between 9% and 16% to a range of EUR2.35 billion to EUR2.50 billion.
Chief Financial Officer Thomas Kusterer said EnBW aims to sustain and accelerate the positive earnings trend. "In Renewable Energies most of all, we expect substantially higher earnings in 2019 than in the previous year, not least as we gradually bring our Hohe See and Albatros offshore wind farms into operation this autumn," he added.
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