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Iberdrola 9-Month earnings above forecasts

Source: Reuters - Wed 20th Oct 2010

Spain's largest power utility, Iberdrola reported a rise in nine-month core earnings above analysts' estimates, driven by growth at its Spanish deregulated power business and in renewables. Net profit grew 2 percent and also beat analysts estimates, with cost cutting and positive currency effects offsetting lower one-time gains year-on-year.

The company said Iberdrola USA posted solid growth thanks to cost control while the UK business fared worst.

Iberdrola's renewables division reported 19.4 percent growth in nine-month core earnings on Monday thanks to new capacity in the United States and Spain. Iberdrola's net profit hit 2.07 billion euros. Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 12.4 percent to 5.56 billion euros. A poll of 11 analysts had expected on average group EBITDA of 5.48 billion euros ($7.6 billion), with net profit coming in at 2 billion.

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