Verbund 1Q Earnings Fall; Narrows 2021 View Range

   By Giulia Petroni

Verbund AG said Wednesday that profit and earnings fell on lower water supply and narrowed the lower end of its full-year forecast range.

The Austrian electricity company posted a quarterly profit of 144.7 million euros ($175.8 million), compared with EUR156.5 million in the previous year.

Earnings before interest, taxes, depreciation and amortization was 8.6% lower on year at EUR302.7 million. Revenue dropped to EUR674.1 million from EUR1.26 billion.

For 2021, Verbund said it expects Ebitda to be at around EUR1.13 billion-EUR1.30 billion from a previous forecast of around EUR1.08 billion and EUR1.30 million. Profit should come between around EUR480 million and EUR590 million from previously EUR450 million and EUR590 million.

It added its planned payout ratio for 2021 is between 45% and 55% of the group's newly forecasted profit after adjustment for non-recurring effects.

At 0918 GMT, shares trade 1.6% higher at EUR71.55.

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

(END) Dow Jones Newswires

May 12, 2021 05:48 ET (09:48 GMT)

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