National Grid PLC Fiscal Year 2018 Headline Ebit Expected Below Guidance
April 12 2018 - 02:49AM
Dow Jones News
By Oliver Griffin
National Grid PLC (NG.LN) said Thursday that its headline group
earnings before interest and taxes for fiscal 2018 are expected to
be below guidance due to the impact of storms on its U.S.
businesses.
The British power-transmission network said that its U.S.
businesses incurred major storm remediation costs of about 140
million pounds ($198.6 million) on the balance sheet will be
largely offset by benefits to finance costs and a lower effective
tax rate.
Underlying group Ebit continues to be expected in line with
guidance, National Grid said.
The costs related to the storms are expected to be recovered in
future periods, the company said.
Finance costs are expected to benefit from gains of about GBP60
million, National Grid said. The group's tax charge is also
expected to be 24%, down from 27%, due to changes in the profit mix
and the lower U.S. corporate tax rate.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
April 12, 2018 02:34 ET (06:34 GMT)
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