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Fortum books higher comparable EBITDA, operating profit in Q3

Finnish utility Fortum Oyj on Oct. 24 reported third-quarter comparable EBITDA of €295 million, an increase from €230 million in the same period of 2018.

The S&P Global Market Intelligence consensus estimate for the most recent quarter was €288 million, based on the polling of three analysts.

Comparable operating profit rose to €153 million, from €96 million a year ago. Net cash from operating activities was €262 million, up from €133 million in the comparable 2018 quarter.

Sales totaled €1.06 billion in the third quarter, up from €971 million a year ago.

Operating profit improved to €124 million from €91 million, while EPS grew year over year to 20 euro cents from 5 euro cents.

"Hydro volumes returned to normal from the historically low level a year ago. Nuclear volumes increased and were at a good level," Fortum President and CEO Pekka Lundmark said of the company's performance in the third quarter. "In spite of the clearly lower spot prices we were able to increase our achieved power price with successful hedging, which further strengthened the results."