Italian energy group ERG posts 39% jump in Q4 profit (updated)

Erg SA

13/03/2024 08:14

(Recasts with details on guidance, CEO quote)
       March 13 (Reuters) - ERG  ERG.MI  on Wednesday posted a
39% rise in fourth-quarter adjusted core profit as the Italian
energy group benefitted from the full contribution of new
capacity installed in 2022 and 2023.
    The company, which generates power mostly from wind and
solar sources, said its quarterly core profit rose to 155
million euros ($169 million) taking its full-year result up 4%
to 520 million.
    For 2024 it forecast core profit of 520-580 million euros.
    "The exit from the thermoelectric business and the entry
into the United States were two defining moments in 2023 and,
more generally, in the group's history," CEO Paolo Merli said in
a statement.
    ERG said capital expenditure this year would likely rise to
550-600 million euros from 489 million in 2023. 
    It sees its adjusted net financial indebtedness at 1.75-1.85
billion euros this year from 1.45 billion euros as of end-2023.
    The Genoa-based company proposed a dividend of 1 euro per
share.
    ($1 = 0.9153 euros)

 (Reporting by Romolo Tosiani; editing by Jacqueline Wong and
Jason Neely)
 ((Romolo.Tosiani@tr.com;))