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    MCY   NZMRPE0001S2

MERCURY NZ LIMITED

(MCY)
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Mercury Cuts Earnings Forecast on Lower Lake Levels, Geothermal Outage

06/08/2021 | 03:13pm EDT

WELLINGTON, New Zealand--Power company Mercury Ltd. said its full-year earnings will be less than previously forecast because of lower hydro generation and an outage at a geothermal power plant that it expects to last months.

The New Zealand company said Wednesday it expects operating earnings of 460 million New Zealand dollars ($331 million) for its 2021 financial year. Its previous forecast was NZ$520 million.

Hydro generation is expected to decline by 200 gigawatt hours to 3,600 GWh for the full financial year due to dry weather lowering lake levels, Mercury said.

Earnings would also be hit by a mechanical failure at the Kawerau geothermal power station that began June 7 and could last for several months. Costs would be partly covered by business interruption insurance, Mercury said.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

06-08-21 1713ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.21% 33874.24 Delayed Quote.10.91%
MERCURY NZ LIMITED -0.31% 6.51 End-of-day quote.-0.31%
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Financials
Sales 2021 1 625 M 1 144 M 1 144 M
Net income 2021 155 M 109 M 109 M
Net Debt 2021 1 239 M 872 M 872 M
P/E ratio 2021 57,7x
Yield 2021 2,61%
Capitalization 8 869 M 6 253 M 6 243 M
EV / Sales 2021 6,22x
EV / Sales 2022 6,52x
Nbr of Employees 786
Free-Float 42,1%
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Technical analysis trends MERCURY NZ LIMITED
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Mean consensus UNDERPERFORM
Number of Analysts 5
Last Close Price 6,51 NZD
Average target price 6,17 NZD
Spread / Average Target -5,22%
EPS Revisions
Managers and Directors
NameTitle
Vincent James Hawksworth Chief Executive Officer
William Thomas Meek Chief Financial Officer
Prudence Mary Flacks Chairman
Patrick Clifford Strange Independent Non-Executive Director
Keith Raymond Smith Independent Non-Executive Director
Sector and Competitors