Iberdrola 1Q Profit Rose

   By Giulia Petroni

Iberdrola SA said Wednesday that net profit rose in the first quarter and that it has agreed to distribute a final dividend payment.

The Spanish utility company said net profit in the period came in at 1.26 billion euros ($1.37 billion) compared with EUR963.9 million a year earlier. Analysts had forecast net profit of EUR1.23 billion.

The company attributed the rise largely to the sale of its 8.07% stake in Siemens Gamesa Renewable Energy SA in February.

Revenue decreased to EUR9.43 billion from EUR10.14 billion, the company said.

Earnings before interest, taxes, depreciation and amortization rose to EUR2.75 billion from EUR2.60 billion the previous year, boosted by a solid performance of the renewables business.

Iberdrola said it agreed to distribute a final dividend of EUR0.232 a share, bringing the total shareholder remuneration to EUR0.40 a share and allowing the company to reach its 2022 dividend target in advance.

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

(END) Dow Jones Newswires

April 29, 2020 03:23 ET (07:23 GMT)

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