Shares in Uniper, the energy company, experienced a significant rise following the announcement that hedging transactions have contributed to its strong performance for the first nine months of the year. The company has also refined its outlook, further increasing investor confidence.
As of 0734 GMT, Uniper's stock traded 6.2% higher at EUR4.33, having soared 11% at opening. Preliminary results indicate that the energy company is expecting an adjusted net income of 3.74 billion euros ($3.96 billion) for the period ending Sept. 30. Additionally, adjusted earnings before interest and taxes are projected to reach EUR5.48 billion.
Looking ahead to the full year, Uniper now anticipates adjusted net income between EUR4 billion and EUR5 billion. Furthermore, adjusted EBIT is expected to fall within the range of EUR6 billion to EUR7 billion.
The positive performance is largely attributable to hedging transactions related to coal and gas power generation, as well as the company's gas midstream businesses.
Last year, Uniper required a bailout from the German government due to record losses resulting from Russian gas curtailments and exorbitant prices on the spot market. Since then, the company has taken steps to pave its way out of government ownership, including a capital reduction aimed at eliminating the accumulated loss by 2022. However, as of now, the government still holds a 99.12% stake in Uniper.
PREVIOUS POST
