Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Iberdrola gives upbeat outlook as strategy pays off

admin by admin
October 23, 2024
in Stock
0
Iberdrola gives upbeat outlook as strategy pays off
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

By Pietro Lombardi

MADRID (Reuters) -The chief of Europe’s largest utility Iberdrola (OTC:IBDRY) gave a bullish outlook for the coming years on Wednesday, pledging to build on a strategy to focus investment on expanding and upgrading grids in Britain, the United States and elsewhere.

While pouring billions into power grids and taking a more selective approach to renewables, with a preference for offshore wind projects, the Spanish group has made billions of euros in profit and its market capitalisation has reached record levels.

And more is in store in 2025 and beyond, Executive Chairman Ignacio Sanchez Galan told analysts after the company posted a 50% increase in profit so far this year.

“We are a year ahead of our estimates,” he said, with the 5.5 billion euros ($5.93 billion) in profit, excluding the sale of some assets in Mexico, expected for this year already above the target for 2025 it had set in March.

Next year, numbers will be “substantially higher than those we are announcing for 2024,” he said.

Iberdrola will update its strategy in autumn 2025.

“We expect to follow our trend of the last two decades, with more investment, higher results, and higher dividends, always preserving our strong financial position,” he said.

Record investments in the past 12 months allowed the Spanish company to add lucrative regulated assets to its network operations, as well as new renewable capacity.

The group, which raised its outlook for the year in the previous two quarters, cited operations in Britain and the U.S. as the main drivers of its performance this year.

Iberdrola sees further opportunity for expansion in its core renewables and grid operations and beyond, eyeing businesses such as data centres to drive further growth.

Talk with partners interested in a data centre joint venture, in which Iberdrola will have a minority stake, are at an advanced stage, Galan said.

As for shareholders, an interim dividend of 0.23 euros per share allows remuneration to grow in line with profit.

Galan ruled out at the moment further acquisitions like the $5.4 billion deal for British power network Electricity North West (ENWL) and played down political risks in its Spanish home market and in the U.S., a country where most of its operations are regulated at state level.

Net profit for the first nine months rose to 5.47 billion euros from 3.64 billion.

($1 = 0.9271 euros)

This post appeared first on investing.com

Previous Post

Earnings call: Cadence Bank reports steady Q3 growth, eyes future momentum

Next Post

McDonald’s E. coli crisis: the bacteria has a history of taking down restaurant sales and shares

admin

admin

Next Post
McDonald’s E. coli crisis: the bacteria has a history of taking down restaurant sales and shares

McDonald’s E. coli crisis: the bacteria has a history of taking down restaurant sales and shares

Trending News

Poland to push for common funding for defence during EU presidency

Poland to push for common funding for defence during EU presidency

December 11, 2024
These 2 stocks reporting earnings next week often beat estimates

These 2 stocks reporting earnings next week often beat estimates

February 1, 2025
Super Micro stock surges after Saudi deal, upbeat rating and AI optimism

Super Micro stock surges after Saudi deal, upbeat rating and AI optimism

May 14, 2025
Subscribe to Insightful Word


    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025
    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    June 5, 2025
    Why Bank of America sees 13% upside on Roblox (RBLX)

    Why Bank of America sees 13% upside on Roblox (RBLX)

    June 5, 2025

    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025

    Latest News

    • ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant
    • Ripple releases $2.18B in XRP, price dips 2%
    • Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.