ESSEN (dpa-AFX) - Shares of RWE AG (RWEOY.PK) were gaining around 2 percent in the early morning trading in Germany after the utility firm on Tuesday raised its forecast for fiscal 2019 adjusted earnings.
The Executive Board now anticipates the RWE Group, applying IFRS consolidation principles, will achieve adjusted EBITDA of 1.6 billion to 1.9 billion euros, higher than previous outlook of 1.4 billion euros to 1.7 billion euros.
The revision reflects the business performance in the first half of 2019, the company noted.
The Supply & Trading division's adjusted EBITDA is expected to be significantly above 300 million euros. The original forecast was in a range of 100 million euros to 300 million euros.
The company continues to anticipate that European Power will post earnings at the lower end of the range of 250 million euros to 350 million euros.
For planning purposes, RWE management uses adjusted figures that do not conform with IFRS consolidation principles, in which innogy is recognised as a purely financial investment.
Based on this, the company now anticipates adjusted EBITDA of 1.4 billion euros to 1.7 billion euros, compared to previously expected 1.2 billion euros to 1.5 billion euros.
The company now expects adjusted net income of 0.5 billion euros to 0.8 billion euros, higher than previous outlook of 0.3 billion euros to 0.6 billion euros.
RWE will publish its interim report for the first half of 2019 on August 14.
In Germany, RWE shares were trading at 24.86 euros, up 1.55 percent.
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