RWE stock down on earnings dip [Yahoo! Finance]
RWE AG ORD S/ADR (RWEOY)
NASDAQ:AMEX Investor Relations:
rwe.com/web/cms/en/105818/rwe/investor-relations
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Source: Yahoo! Finance
The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to €2.9 billion from €4.1 billion during the same period last year, marking a decrease of about 30%. The decline in earnings is due to a sharp drop in power prices, which have been influenced by lower gas costs and increased renewable energy generation. After benefiting from high electricity prices over the past two years, RWE has faced reduced revenues as market conditions have shifted. RWE AG's first-half 2024 results have surpassed consensus expectations, with adjusted EBITDA reaching €2.90 billion, which is 3% above consensus estimates, said analysts at UBS Global Research in a note. “But 2% below UBSe driven by a slightly weaker result in Supply and Trading,” they added Despite this downturn, RWE achieved record earnings from its renewable energy sector. The company reported that wind and solar power now account for 45% of its total power production. Enhanced weather co
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