On Thursday, the EDF, a French utility industry, said that a robust French nuclear output recompensed the negative effects of adverse weather in its first 9-month sales for the year.
The company sales jumped only 0.4% to 52.3B euros or 65B dollars. Its sales, based on like-for-like, merger activity adjustments, and currency impact, dropped 1.3%.
The company said its nuclear plants’ output expanded to 305.1 terawatt per hour, up 2.5% from the previous period, after plans on reducing outage duration. The company also confirmed its 2014 guidance, targeting the upper range.
Henri Proglio, company CEO said EDF showed off a robust Q3 performance, despite weather conditions and economic challenges, also confirming the company’s 2014 targets.
Jean-Bernard Levy will replace the current CEO by month-end. Levy is the leader of Thales, an aerospace and defense company.
EDF expects its 2014 group consolidated earnings before EBITDA, except its Edison unit to indicate a primary increase of 3% at least.
However, the firm confirmed its review of its target to generate positive cash flows after dividends, except its Linky smart meters investment by 2018. The investment will be installed in households from 2016 to 2020, expecting to cost 5B euros.
Company shares drifted after the government of France scrapped a 5% plan of tariff increase last August, and allowed only a 2.5% increase beginning November 1. Shares dropped 11% to date, and rated as the third poorest performer in the utilities index .SX6P.
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