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E.ON posts 12% drop in H1 adjusted EBIT, reaffirms 2019 guidance

German utility E.ON SE on Aug. 7 reported adjusted EBIT of €1.72 billion in the first half of 2019, a 12% drop from €1.94 billion in the same period of 2018.

Adjusted net income was €885 million, or 41 euro cents per share, down from €1.05 billion, or 49 euro cents per share, in the prior-year period. Sales totaled €16.09 billion, rising 5% from €15.36 billion a year earlier.

The utility posted net income attributable to its shareholders of €387 million, or 18 euro cents per share, a sharp decline from €2.70 billion, or €1.25 per share, for the first half of 2018.

E.ON reported economic net debt of €20.20 billion as of June 30, compared to €16.58 billion at year-end 2018. First-half investments fell to €1.32 billion from €1.41 billion in the comparable 2018 period.

"Overall, our first-half results were in line with our planning," E.ON CFO Marc Spieker said.

The utility maintained its adjusted EBIT guidance of €2.9 billion to €3.1 billion and adjusted net income guidance of €1.4 billion to €1.6 billion for 2019. E.ON also reaffirmed its dividend proposal of 46 euro cents per share for the year.