EDP's 2023 profit rises 40%, misses forecasts due to one-offs [Reuters]
EDP ENERGIAS PRTGL S/ADR (EDPFY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
profit, driven by higher hydroelectric production in Iberia and more earnings from its Brazilian business, but still missed expectations due to one-off losses. EDP-Energias de Portugal netted 950 million euros ($1.03 billion), while analysts polled by LSEG had expected, on average, a profit of 1.2 billion euros. Profit reported earlier by its wind and solar unit EDP Renovaveis (EDPR.LS) , opens new tab plunged 50% to 309 million euros as revenues fell. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 11% to around 5 billion euros, in line with estimates. EDP said in a statement that non-recurring losses, such as impairments linked to a thermal power plant in Brazil and wind energy projects in Colombia, increased 40% to 952 million euros in 2023. Excluding one-offs, net income would have reached 1.3 billion euros, it said, "supported by the hydro production recovery in Portugal to levels in line with historical average after an extreme drought i
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