MADRID (Reuters) -Europe’s largest utility Iberdrola posted on Wednesday a first-quarter net profit of 2 billion euros ($2.27 billion), beating market consensus.
The results were higher than the 1.81 billion expected by analysts polled by LSEG and lower than the 2.76 billion euros net profit reported in the same period last year, when the company booked the sale of gas assets in Mexico.
Iberdrola said the new tariffs floated by the U.S. had a “minimal” impact thanks to its supply chain management.
The company said that excluding the impact of asset sale last year, its earnings before interest, taxes, depreciation and amortisation (EBITDA) in the quarter climbed 12% to 4.64 billion euros, as increased production in regions such as the United States and Iberia partially offset the normalisation of margins in Britain and Iberia.
Its free cash flow grew 11% to 3.5 billion euros, Iberdrola added.
The utility reiterated its 2025 net profit growth guidance at “mid to high single-digit” – excluding the positive impact of past cost recognition in the U.S. – and said it would reach double-digit growth if it included the impact.
($1 = 0.8792 euros)
(Reporting by Pietro Lombardi; Editing by David Latona and Inti Landauro)
