Iberdrola Says 4Q Net Profit Fell, Raises Dividend
February 21 2018 - 4:06AM
Dow Jones News
By Marc Bisbal Arias
Iberdrola SA (IBE.MC) said Wednesday that its fourth-quarter net
profit fell year-on-year, and that it was raising its dividend.
Net profit was 387.4 million euros ($477.4 million) compared
with EUR663.3 million in the year-earlier period. Revenue rose to
EUR8.98 billion from EUR7.68 billion, the company said.
On a full-year basis, net profit increased slightly to EUR2.80
billion from EUR2.71 billion. Revenue was also higher in 2017 than
in 2016, reaching EUR31.26 billion.
The Spanish utilities company proposed to increase its dividend
by 3.2% to EUR0.32, and said it plans to increase it again in
2018.
Meanwhile, Iberdrola updated its strategy for the 2018-22
period. It said that net profit at current exchange rates in 2022
would be between EUR3.5 billion and EUR3.7 billion. It expects
earnings before interest, taxes, depreciation and amortization to
be between EUR11.5 billion to EUR12 billion by that date.
The company will target net investments of EUR32 billion during
the 2018-22 period, it said. By 2022, it expects to have made more
than EUR1 billion in savings by improving efficiency and leveraging
synergies, as well as digitalization, Iberdrola said.
Iberdrola said it expects a dividend of around EUR0.4 a share in
2022 and that it will maintain its scrip dividend.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
February 21, 2018 03:51 ET (08:51 GMT)
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