SSE Raises FY22 Guidance as Renewable Power Output Recovered in 4Q
March 29 2022 - 2:44AM
Dow Jones News
By Jaime Llinares Taboada
SSE PLC on Tuesday raised earnings guidance for fiscal 2022, as
renewable electricity production benefited from better weather
conditions in the fourth quarter.
The U.K. energy group, which owns power-eneration plants and
networks, forecast adjusted earnings per share of between 92 pence
and 97 pence ($1.20-$1.27) for the year ending March 31.
Previously, in February, SSE had said that adjusted EPS would be at
least 90 pence.
The company said that the shortfall in renewable output
decreased to 12% below plan as ofarch 22, compared with 19% below
plan for the first three quarters of the year. In addition, thermal
and hydroelectric plants continued to perform well.
Moreover, SSE reaffirmed its fiscal 2022 dividend guidance of 81
pence plus inflation. The company is also on track to report
full-year capital expenditure of more than GBP2 billion and
year-end adjusted net debt below GBP9 billion--following the
completion of the disposal of its investment in Scotia Gas
Networks.
"SSE's integrated and balanced business model has performed well
in turbulent market conditions, with expected financial performance
now broadly aligning with our internal projections at the beginning
of the year," Finance Director Gregor Alexander said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
March 29, 2022 02:29 ET (06:29 GMT)
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