EDF Shares Jump Following 2019 Results

Date : 02/14/2020 @ 10:35AM
Source : Dow Jones News
Stock : Electricite de France (EDF)
Quote : 12.585  -0.405 (-3.12%) @ 10:07AM

EDF Shares Jump Following 2019 Results

Electricite de France (EU:EDF)
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   By Giulia Petroni 

Electricite de France SA's shares jumped on Friday after full-year results beat expectations.

The French state-controlled utility posted strong earnings across all main divisions, with earnings before interest, taxes, depreciation and amortization rising to EUR16.71 billion from EUR14.9 billion the previous year.

At 1000 GMT, shares traded 8.5% higher at EUR12.74.

In particular, Ebitda in France and the U.K. came in respectively 4% and 21% above expectations, Bryan Garnier says.

"Both divisions benefited from better price conditions that offset the decline in nuclear generation and poor hydropower conditions in France," analysts at the investment bank say.

Net income for the year was boosted by a positive change in fair value of a portfolio of dedicated assets, the French company said, while net income excluding nonrecurring items benefited from a good operating performance and a lower drop in discount rates.

"These good results led to an attractive proposed dividend of EUR0.48 a share compared to EUR0.31 a share last year," Bryan Garnier says.


Write to Giulia Petroni at giulia.petroni@dowjones.com


(END) Dow Jones Newswires

February 14, 2020 05:20 ET (10:20 GMT)

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