Verbund H1 higher but misses consensus;outlook positive but 'challenging' UPDATE |
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Published
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Mon, 23 Jul 2007 11:02
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(updates with info on adjusted H1 2006 revenues figure, analyst opinion)VIENNA (Thomson Financial) - Verbund AG posted first half earnings short of analyst estimates, and reaffirmed its positive outlook for the full year despite an 'extremely challenging environment'.EBIT rose to 447.4 mln eur from 426.5 mln eur during the same period a year earlier, missing consensus forecasts of 458.95 mln eur.The Austrian utility posted a net income of 329.9 mln eur compared with 275.8 mln eur and with forecasts of 333.10 mln.Revenues rose to 1.4908 bln eur from 1.4458 bln eur a year earlier.The utility issued an adjusted revenues figure for the first six months of 2006 to reflect the discontinuation of the eco-electricity segment.Verbund said that its outlook for the full year 2007 remains positive, despite an 'extremely challenging environment'.The utility added it will reach its stated goal of increasing its full-year EBIT by 10 pct and net income by 15 pct provided the water supply is at normal levels during the second half.The half-year results suggest that Verbund's growth dynamic is slowing and show the pitfalls associated with the utility's exceptionally high reliance on hydro power when the water supply is constrained, according to observers.Analysts said that the full-year guidance Verbund reiterated had initially been very conservative and thus likely to be surpassed, but now was realistic in light of the utility's hydro power-related constraints.peter.klopf@thomson.compkl/jms/pkl/jagCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Verbund H1 higher but misses consensus; outlook positive but 'challenging' 