July 27, 2018 / 5:52 AM / 2 months ago

France's Engie confirms 2018 guidance despite Belgian nuclear outages

PARIS, July 27 (Reuters) - French gas and power group Engie confirmed its 2018 earnings outlook despite a series of outages at its Belgian nuclear plants, and posted virtually flat first-half revenue.

Core earnings rose 1.3 percent in the first half - in line with expectations but slower than the 3 percent seen in the first quarter - due to strong hydro power in France and despite the nuclear outages in Belgium.

First-half revenue edged up 0.1 percent to 30.2 billion euros ($35.2 billion), while core earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 5.1 billion.

The Benelux contribution to core earnings nearly halved to 133 million euros from 242 million.

Current operating income rose 1.4 percent to 3.1 billion euros, with net recurring income up 11.4 percent to 1.5 billion.

A Thomson Reuters poll of eight analysts had forecast EBITDA of 5.08 billion euros, current operating income of 3.08 billion euros and net recurring income of 1.43 billion euros.

Engie confirmed its 2018 earnings guidance for 2.45-2.65 billion euros of net recurring income, core earnings of 9.3-9.7 billion euros and a cash dividend of 0.75 euros per share.

$1 = 0.8587 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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