Power producer AGL Energy at over 5-month high on earnings outlook hike

AGL Energy

07/05/2024 01:31

** Shares of Australia's top power producer AGL Energy
 AGL.AX  rise as much as 6.8% to A$9.95, highest level since
Nov. 28 last year
    ** AGL marks its best day since February 8; among top 5
gainers in the ASX 200 benchmark index  .AXJO 
    ** Expects FY24 underlying NPAT between A$760 mln ($503.35
mln) and A$810 mln, the midpoint of which is 7.5% higher than
the midpoint of its previous outlook
    ** AGL's FY23 underlying NPAT was A$281 mln
    ** Hikes FY24 underlying EBITDA outlook to between A$2.12
bln and A$2.20 bln, around 3% higher than previous outlook
    ** Says improving plant availability and higher consumer
demand over summer period in New South Wales and Queensland
primary reason for outlook hike
    ** Stock down 1.7% this year as of last close

($1 = 1.5099 Australian dollars)

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