By Dominic Chopping

Danish renewable-energy company Orsted AS on Thursday lifted full-year guidance after benefiting from strong power prices.

The company posted a net profit of 269 million Danish kroner ($37.2 million) for the quarter from DKK5.54 billion a year earlier, as revenue rose 94% to DKK26.3 billion.

Earnings before interest, taxes, depreciation and amortization excluding new partnerships rose to DKK3.62 billion from DKK2.84 billion.

A FactSet-provided consensus forecast had expected net profit of DKK1.88 billion on revenue of DKK24.17 billion.

"Both the E.U. and the U.S. have presented very ambitious plans to accelerate the build-out of renewable energy, which ensures a strong platform for continued growth within the development of renewable energy," Chief Executive Mads Nipper said.

For 2022, Orsted now expects to report Ebitda excluding new partnership agreements, of between DKK20 billion and DKK22 billion, from between DKK19 billion and DKK21 billion previously.

Gross investments are now seen at DKK43 billion to DKK47 billion from DKK38 billion to DKK42 billion.

The company still expects 2022 earnings in both its onshore and offshore units to be significantly higher than in 2021, while earnings in its bioenergy & other segments is now also seen significantly higher, from previously forecasting it to be lower.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 11, 2022 03:11 ET (07:11 GMT)

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