By Adria Calatayud


Naturgy Energy Group cut its investment target for 2024 due to lower energy prices and reported a small decline in earnings for the first nine months of the year.

The Spanish gas utility said Wednesday that it now expects full-year investments to total about 2.4 billion euros ($2.60 billion), down from about 2.8 billion euros previously. The change reflects the current energy scenario, but Naturgy maintained its earnings guidance.

This year's investments focus mainly on networks and renewables, it said.

Earnings before interest, taxes, depreciation and amortization for the first nine months were 4.29 billion euros, down from 4.31 billion euros the company reported for the same period last year.

The company said it is on track to meet its full-year earnings guidance, which calls for Ebitda above 5.3 billion euros and net income above 1.8 billion euros.


Write to Adria Calatayud at adria.calatayud@wsj.com


(END) Dow Jones Newswires

10-30-24 0424ET