French energy giant Engie reported mixed results for the first quarter of 2024. While overall earnings dipped slightly, the company maintained its full-year guidance thanks to strong performances in its renewables and flexible generation sectors.
Earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 5.4 billion euros ($5.87 billion), a 0.7% decrease on an organic basis compared to the same period in 2023. This decline was primarily driven by setbacks in Engie’s networks and global energy management and sales businesses.
However, positive contributions from renewables, flexible generation, and energy solutions helped to offset these losses. Similarly, EBIT excluding earnings from nuclear power declined by 3.7% to EUR 3.7 billion.
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Revenue fell by 25% to EUR 22.0 billion, but cash flow from operations surged by 36% to EUR 5.1 billion due to improvements in working capital.
Despite the mixed first-quarter results, Engie, headquartered in Paris and one of Europe’s largest energy companies, reaffirmed its financial expectations for the year. The company is still targeting EBIT excluding nuclear power to be between EUR 7.5 billion and EUR 8.5 billion, alongside net recurring income of EUR 4.2 billion to EUR 4.8 billion.
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