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Engie Q1 current operating income down, revenues rise

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Christian Fernsby |
Engie
Engie   Current operating income was down 4.3 percent on an organic basis

Engie reported Tuesday that its first-quarter current operating income declined 5.7 percent to 2.0 billion euros from 2.2 billion euros a year ago.

Current operating income was down 4.3 percent on an organic basis.

The company said the first quarter was impacted by above-average winter temperatures in France and, as expected, lower nuclear power production in Belgium.

Excluding the negative temperature effect in France, current operating income would have been up 1 percent on an organic basis.

EBITDA was 3.1 billion euros, down 4.8 percent on a reported basis and down 3.9 percent on an organic basis. Excluding the negative temperature effect in France, EBITDA would have been stable on an organic basis.

Revenues for the quarter increased 7.2 percent to 18.8 billion euros from last year's 17.5 billion euros. Revenues increased 4.4 percent on an organic basis.

Further, ENGIE confirmed its 2019 guidance for the net recurring income Group share in a range of 2.5 billion euros to 2.7 billion euros.

ENGIE also confirmed its new medium-term dividend policy, in the range of 65 percent to 75 percent. For the fiscal year 2019, ENGIE is aiming for a dividend at the upper end of this range.


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