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- Daily Brief - Friday 11 July 2014
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Iberdrola 9-Month earnings above forecasts
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.
Latest News & Stories
- Spain's Prado loses 885 peices of art
- BBVA expects profit boost from Catalunya Banc purchase
- Spain sets rules for dealing with unaccompanied foreign children
- Catalan Separatists Say Debt Investors Can Help Campaign
- Travel authorities call for responsible tourism in Spain after sex scandal
- Spain's AENA appoints banks for IPO
- Spain sets another record for foreign tourism
- Gibraltar says data proves Spain border queues are deliberate
- BBVA to buy Spain's nationalized Catalunya Banc
- Spain set to double rail accident compensation
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