July 29 (Reuters) – EDP Renewables, the world’s fourth-largest wind energy producer, said on Wednesday recurring first-half net profit rose 33% from a year earlier and beat analysts’ expectations, driven by solid growth in U.S. operations.
- The renewables arm of Portugal’s EDP said recurring net profit, which excludes one-offs, reached €183 million ($209 million), exceeding the average forecast of €170 million by analysts polled by LSEG.
- In a statement it said recurring earnings before interest, taxes, depreciation and amortization rose 8% year-on-year to €1.03 billion between January and June, with its U.S. operations accounting for 62%.
- Excluding foreign exchange effects, largely due to the U.S. dollar’s average depreciation of 7% against the euro, recurring net profit jumped 43% and recurring EBITDA rose 12%, the company said.
- EDPR said recurring EBITDA “growth was driven by portfolio expansion, mainly in the United States”, and higher gains from asset rotation, with €66 million from the sale of mature assets in Italy in the first half, versus just €12 million a year earlier.
- Recurring Core Operating Expenses decreased 2% year-on-year, on the back of efficiency measures in place.
- Over the last 12 months, gross capacity additions totalled 1.8 GW, with 48% in North America – the United States, Canada and Mexico – and 36% in Europe, lifting total capacity to 20.5 GW.
- EDPR’s electricity generation rose 4% to 22.1 terawatt hours (TWh), supported by a 7% increase in North America, “mainly driven by new capacity additions”, which offset a 2% decline in Europe, it said.
- By June, EDPR had 1.9 GW under construction, supporting growth beyond 2026, the company said.
($1=0.8770 euros)
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