Friday August 01, 2014

German utility RWE raises 2012 outlook slightly as it reports 3rd-quarter profit

In this June 22, 2011 photo the logo of electricity and gas supplier RWE AG is photographed in Essen, Germany. THE CANADIAN PRESS/AP, Frank Augstein

BERLIN - German utility RWE AG has revised its full-year earnings outlook slightly upward as it reports a profit and improved revenue for the third quarter.

The electricity and gas supplier said Wednesday that it now expects to "at least match" last year's pre-tax and operating earnings figures. It previously forecast that this year's figures would be "comparable to" those for 2011.

RWE earned 296 million ($376 million) in the July-September period, compared with a net loss of 174 million a year earlier. Revenue rose to 11.27 billion from 10.71 billion.

Last year, RWE and other energy companies were hit by costs related to Germany's decision to accelerate its exit from nuclear energy. RWE also pointed to progress it has made recently in selling assets.


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