RWEOY - RWE tops forecasts for 2022 but sees earnings sliding this year

2023-03-21 08:33:46 ET

German utility RWE ( OTCPK:RWEOY ) rose nearly 3% Tuesday in Frankfurt trading after beating its own guidance for FY 2022 profit due to soaring energy prices across Europe, although it expects most metrics to moderate in 2023.

RWE ( OTCPK:RWEOY ) said FY 2022 net profit more than doubled to €3.23B from €1.55B in 2021, and adjusted EBITDA jumped to €6.31B from €3.65B, while adjusted EBIT came in at EUR4.57 billion.

The company expects net profit to drop back to the €2.2B-€2.7B range in 2023 due to a combination of lower wholesale prices and administrative price caps, but that would still indicate an increase of nearly 60% from 2021.

RWE ( OTCPK:RWEOY ) also guided for FY 2023 adjusted EBITDA of €5.8B-€6.4B.

"Our solid financial situation and our good performance put us in a position to continue investing heavily in RWE’s growth in 2023," CEO Michael Mueller said, adding the company will raise its dividend by 11% to €1/share.

RWE ( OTCPK:RWEOY ) bought Consolidated Edison's clean energy unit for $6.8B last year .

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