By Giulia Petroni 
 

Iberdrola SA said Wednesday that profit fell in the first quarter while earnings rose and it confirmed full-year guidance and the dividend.

The Spanish utility company said quarterly net profit came in at 1.03 billion euros ($1.25 billion) compared with EUR1.27 billion a year earlier, when it sold a 8.07% stake in Siemens Gamesa Renewable Energy SA.

Earnings before interest, taxes, depreciation and amortization rose on year to EUR2.81 billion from EUR2.77 billion.

Revenue increased to EUR10.09 billion in the quarter from EUR9.43 billion.

Iberdrola reaffirmed its net profit guidance for between EUR3.7 billion and EUR3.8 billion for the full year, excluding potential nonrecurrent and noncash tax items, and a dividend proposal of EUR0.42 a share for 2020.

The company added that it expects shareholder remuneration to increase to EUR0.44 a share in 2021.

 

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

 

(END) Dow Jones Newswires

May 12, 2021 03:16 ET (07:16 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.