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Innogy swings to profit in Q3

innogy SE said its third-quarter normalized net income was 1 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share result swung to a profit from the prior-year loss of 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €6.5 million, compared with a loss of €31.5 million in the year-earlier period.

The normalized profit margin increased to 0.1% from negative 0.4% in the year-earlier period.

Total revenue climbed 5.0% year over year to €8.82 billion from €8.40 billion, and total operating expenses increased from the prior-year period to €8.60 billion from €8.42 billion.

Reported net income came to a loss of €428.0 million, or a loss of 77 cents per share, compared with a loss of €71.0 million, or a loss of 14 cents per share, in the prior-year period.