Iberdrola Net Profit Rises Despite Revenue Decline

By Pierre Bertrand

Iberdrola reported a rise in net profit that largely matched expectations, despite a drop in revenue.

The Spanish utility company said Thursday that it made 4.80 billion euros ($5.19 billion) in net profit for 2023 compared with EUR4.34 billion a year earlier, while revenue fell 8.6% to EUR49.33 billion.

Analysts expected EUR4.82 billion in net profit and EUR56.74 billion in revenue, according to Visible Alpha consensus.

Earnings before interest, taxes, depreciation and amortization rose 9% to EUR14.42 billion.

Gross investments rose 6% to EUR11.38 billion, with 93% of the total directed at its networks and renewables businesses.

It said it would propose a supplementary dividend of EUR0.348 a share dividend, which when combined with the interim dividend of EUR0.202 a share, brings the total dividend for 2023 to EUR0.55 per share compared with EUR0.496 for 2022.

For the rest of the year Iberdrola said it is targeting net profit growth of 5% to 7% with its dividend growing in line with results.

The company is also planning EUR12 billion in new investments in 2024, it said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

February 22, 2024 03:17 ET (08:17 GMT)

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