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Despite higher Q4 result, EDP's full-year 2018 recurring EBITDA drops YOY

EDP - Energias de Portugal SA on March 12 reported consolidated EBITDA of €907 million for the fourth quarter of 2018, up from €721 million in the comparable quarter of 2017. Excluding adjustments, recurring EBITDA improved year over year to €858 million from €812 million in the fourth quarter of 2017.

Net profit attributable to EDP shareholders was €222 million in the 2018 fourth quarter, the company announced March 12.

For the full year of 2018, the multinational utility and power producer reported EBITDA of €3.32 billion, down 17% from €3.99 billion in the previous year.

Excluding adjustments, recurring EBITDA totaled €3.29 billion, a 3% drop from €3.38 billion in the full year of 2017. The S&P Global Market Intelligence consensus recurring EBITDA estimate for 2018 was €3.36 billion.

Full-year net profit was down 53% to €519 million in 2018, from €1.11 billion in 2017.

The company's executive board plans to propose a distribution of 19 euro cents per share for the 2018 fiscal year.

EDP's total installed capacity in North America was 5,562 MW as of December 2018, including 90 MW of solar photovoltaic and 5,242 MW of onshore wind in the U.S. Of the total installed capacity, 86% is long-term contracted.