July 26, 2018 / 5:36 AM / 25 days ago

Suez sells 20 pct of U.S. water business for $601 mln, H1 earnings robust

PARIS, July 26 (Reuters) - French waste and water group Suez said it had agreed with Dutch pension fund PGGM to sell 20 percent of Suez Water Resources, the parent company for all regulated water activities in the United States, for $601 million.

Suez expects the transaction to be completed by the first-half of 2019 at the latest, subject to regulatory approvals.

Suez also said that first-half core earnings rose 4.4 percent to 1.32 billion euros ($1.55 billion), with revenues up 11.4 percent to 8.35 billion euros.

First-half net profit more than doubled to 90 million euros.

Suez also confirmed its 2018 earnings guidance for revenue growth of about nine percent and growth in EBIT (earnings before interest and tax) of about 10 percent, both at constant exchange rates.

$1 = 0.8526 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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