August 13, 2019 / 7:09 AM / 6 months ago

Czech utility CEZ maintains full-year guidance after second-quarter profit beat

PRAGUE, Aug 13 (Reuters) - Czech electricity producer CEZ maintained its full-year outlook on Tuesday after beating analysts’ expectations for second-quarter profit and revenue thanks to rising power prices and gains from commodities trading.

“Our financial performance in the first half of the year was in line with our ambitious estimates, especially thanks to additional revenue from commodity trading,” Chief Executive Daniel Benes said in a statement.

CEZ, which is 70% owned by the Czech state, said it saw “a decreased estimate of electricity generation” going forward but did not give a reason.

As a result, the company said it expected its adjusted 2019 net profit, from which it pays dividends, to be 17 billion crowns-19 billion crowns ($737 million-$824 million), in line with previous estimates.

Earnings before interest, tax, depreciation and amortisation (EBITDA) should hit 57 billion-59 billion crowns, also matching the company’s previous outlook, CEZ said.

Second-quarter adjusted net profit, which excludes extraordinary effects, rose 2.6 billion crowns to 3.2 billion crowns, above the average estimate of 2.77 billion crowns in a Reuters poll.

Revenue rose to 48.2 billion crowns from 39.9 billion in the quarter, beating analysts’ expectations of 47.55 billion crowns. ($1 = 23.0650 Czech crowns) (Reporting by Robert Muller and Michael Kahn; Editing by Susan Fenton)

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