UPDATE 2-Iberdrola bets on cash pile, investments to defy coronavirus [Reuters]
IBERDROLA SA S/ADR (IBDRY)
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Source: Reuters
Iberdrola bets on cash pile, investments to defy coronavirus MADRID (Reuters) - Ready cash, multi billion-euro investments, price hedging, regulated networks business and capital gains should help global wind power producer Iberdrola ( IBE.MC ) defy the impact of the new coronavirus to boost profit at a high single-digit rate in the full year, the company said on Wednesday. Despite the demand-sapping spread of the virus, which has infected more than 3 million people worldwide and brought to a halt entire economies including its home market Spain, Iberdrola also maintained a pledge to invest 10 billion euros this year. Powering more than 30 million homes and businesses in Spain, the United States, Brazil and Britain brought in net profit of 1.26 billion euros ($1.37 billion) in the first quarter versus a Refinitiv SmartEstimate of 1.20 billion. This included a 289 million-euro boost from the sale of a stake in wind turbine maker Siemens Gamesa, a one-off bonus Chief Executive Ignacio
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