By William Horobin and Inti Landauro
PARIS--GDF Suez SA (GSZ.FR) Thursday cut its full-year profit
guidance as mild weather in Western Europe and the closure of its
nuclear plants in Belgium hit its revenue and profitability.
The French power utility said its revenue fell 7.5% to EUR54.5
billion during the first nine months of the year, while its
earnings before interest, taxes, depreciation and amortization
dropped 15.4% to EUR8.9 billion.
The company blamed the warm weather in Western Europe that
prompted a drop in demand for natural gas and the forced halting of
two of the nuclear reactors it operates in Belgium.
The French power said it is able to confirm its financial
targets with a dividend payout of a minimum of one euro a share.
But the utility trimmed its full-year earnings target.
GDF Suez now expects recurring net profit--which excludes
restructuring costs, impairments, disposals and non-recurring
items--between EUR3.1 billion and EUR3.5 billion this year. It
previously expected a range between EUR3.3 billion and EUR3.7
billion it previously targeted.
Write to Inti Landauro at inti.landauro@wsj.com
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