Naturgy Energy Beat Market Views Despite Weak Energy Prices

By Christian Moess Laursen

Naturgy Energy Group issued guidance for the full year after net profit beat market views in the first six months, despite lower energy prices.

The Spanish natural-gas and power utility company said Tuesday that it achieved net profit of 1.04 billion euros ($1.13 billion) in the period from EUR1.045 billion a year earlier.

Earnings before interest, taxes, depreciation and amortization came to EUR2.85 billion, matching the prior-year's result, despite sales tumbling 25% to EUR9.07 billion.

Analysts polled by FactSet had expected net profit of EUR892 million, Ebitda of EUR2.42 billion and sales of EUR10.34 billion.

Naturgy said its results were hampered by lower gas and electricity prices, resulting in a more challenging market backdrop.

"Following the volatility experienced in recent years, energy prices have rebalanced towards pre-energy crisis levels, but remain sensitive to ongoing global developments," it said.

Naturgy issued guidance for the year, expecting Ebitda and net income to be above EUR5.3 billion and EUR1.8 billion, respectively. Last year, it booked EUR5.475 billion in Ebitda and EUR1.99 billion in net income.

It plans to distribute an interim dividend of EUR0.50 a share on Aug. 1.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 23, 2024 03:21 ET (07:21 GMT)

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