Spanish Energy Giant Iberdrola Boosts Guidance After 'strong' Profit Growth
Wind Power News 5:46 am on May 5, 2024
Iberdrola, a Spanish energy company, reported strong first-quarter results with a 85% increase in net profit and a 43% rise in Ebitda. The surge was due to increased renewables production and new offshore wind capacity, along with non-recurring items such as the sale of its Mexican business. Iberdrola also set record investment levels at 2.38 billion, an increase of 36% year on year. The company raised its forecast for net profit growth in 2024 to high-single-digits, up from its earlier expectation of 5-7%.
- Iberdrola reported strong first-quarter financial results with a 85% increase in net profit and a 43% rise in Ebitda.
- Renewables production and new offshore wind capacity contributed to the growth, as did non-recurring items such as the sale of its Mexican business.
- The company set record investment levels at 2.38 billion in Q1 2024, up 36% year on year.
- Iberdrola raised its net profit growth forecast for 2024 to high-single-digits, up from a previous expectation of 5-7%.
- Record investment will drive a total spend of 12 billion in 2024.
https://www.windpowermonthly.com/article/1870041/spanish-energy-giant-iberdrola-boosts-guidance-strong-profit-growth