Australia's AGL Energy hikes annual earnings outlook on strong summer demand (updated)

AGL Energy

07/05/2024 24:00

(Updates with company comment, more details on earnings
outlook)
       May 7 (Reuters) - Australian power producer AGL Energy
 AGL.AX  hiked its fiscal 2024 earnings outlook on Tuesday,
citing improved plant availability and higher consumer demand
over the summer period in New South Wales and Queensland.
    The country's top power producer now expects annual
underlying net profit after tax (NPAT) between A$760 million
($503.27 million) and A$810 million, above prior guidance of
A$680 million and A$780 million. Its underlying NPAT in fiscal
2023 was A$281 million.
    "The update to guidance reflects the continued strong
operational and financial performance of the business ... due to
improved plant availability, flexibility and generation, higher
consumer demand over the summer period in New South Wales and
Queensland," AGL said in an exchange filing.
    It also hiked its outlook for underlying operating earnings
to between A$2.12 billion and A$2.20 billion, the midpoint of
which is around 3% higher than the midpoint of its prior view.
    AGL Energy, which sells retail power to one-sixth of
Australians, will announce its results for the year ending June
30 on August 14.


($1 = 1.5101 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))