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E.ON's net income, sales decline YOY in Q2

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E.ON's net income, sales decline YOY in Q2

German multi-utilities company E.ON SE reported lower second-quarter net income year over year and affirmed its guidance for the full year.

The company reported net income attributable to shareholders of €1.82 billion, or 84 cents per share, in the second quarter of 2018, down from €3.25 billion, or €1.50 per share, in the year-ago quarter. Adjusted net income fell to €325 million from €356 million on a yearly basis.

Sales totaled €7.57 billion for the quarter, down from €8.98 billion in the prior-year quarter.

The company reported an adjusted EBIT of €658 million for the quarter, down about 10% from €729 million in the year-ago period. The energy networks segment's adjusted EBIT increased 5% year over year and the renewables segment's EBIT was up 44% from the year-ago quarter. Adjusted EBIT of the customer solutions segment declined 30% from a year ago.

For the first half of 2018, net income attributable to shareholders was €2.70 billion, or €1.25 per share, down from €3.87 billion, or €1.85 per share, in the first half of 2017. Adjusted net income increased to €1.05 billion, or 49 cents per share, from €881 million, or 42 cents per share, in the year-ago period.

The company expects adjusted EBIT to be in the range of €2.8 billion to €3 billion and adjusted net income to be between €1.3 billion and €1.5 billion for full year 2018.