Iberdrola 1Q Profit Rose; Backs 2022 Outlook

   By Giulia Petroni

Iberdrola SA on Wednesday said that earnings rose in the first quarter as growth was driven by investments in renewables and grids as well international markets, and backed its full-year outlook.

The Spanish utility company said quarterly net profit came in at 1.06 billion euros ($1.13 billion), compared with EUR1.03 billion a year earlier. Growth in the international business offset the poor performance in Spain due to high energy prices that weren't passed through to fixed-price customers, it said.

Earnings before interest, taxes, depreciation and amortization rose to EUR2.95 billion from EUR2.81 billion, supported by the networks and renewables businesses. Revenue came in at EUR12.15 billion from EUR10.09 billion, the company said.

Iberdrola backed its full-year profit growth outlook, and said it anticipates a dividend floor of at least EUR0.44 a share.

The board will propose a final dividend distribution of EUR0.27 a share for 2021, in addition to the EUR0.17 a share paid as an interim dividend in February, the company said.

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

(END) Dow Jones Newswires

April 27, 2022 02:58 ET (06:58 GMT)

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