CIMpB

Chimera Investment Corporation 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred

20.5300
USD
0.74%
20.5300
USD
0.74%
16.7000 25.7900
52 weeks
52 weeks

Mkt Cap 246.36M

Shares Out 12.00M

Chat
Send me real-time posts from this site at my email

CEZ raises full-year outlook as power prices rise

PRAGUE, Aug 9 (Reuters) - Czech utility CEZ CEZ.PR raised its outlook for earnings for the second time this year as electricity prices soar, the company said on Tuesday. It said it expected earnings before interest, tax, depreciation and amortisation (EBITDA) at 110-115 billion crowns ($9.37 billion), up from its already raised outlook last quarter of 95-99 billion. The outlook for net profit adjusted for one-time effects was raised to 60-65 billion crowns from 45-49 billion. The company, which is the main Czech electricity producer, said the outlook would lead to record dividend of 48-52 billion crowns if set at the top of its current payout ratio. In the second quarter, the company had adjusted net profit of 6.9 billion crowns, below expectations of 8.9 billion in a Reuters poll. EBITDA in the second quarter was 15.6 billion, below expectations of 19.8 billion. The company said that second-quarter earnings were helped by high prices as well as income from commodity trading and high production availability of its power plants. It said that its bottom line was dragged down by the sales segment which unlike production suffered from the price rises. ($1 = 24.0200 Czech crowns) (Reporting by Jan Lopatka) ((jan.lopatka@thomsonreuters.com; +420 234 721 614; Reuters Messaging: jan.lopatka.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue