AGL has upgraded its earnings outlook for the second time
AGL Energy’s full year profit is likely to be about half a billion dollars higher than last year, the company has said in its second earnings upgrade in three months.
AGL Energy’s full year profit is likely to come in at around half a billion dollars higher than last year’s result, following the company’s second earnings upgrade in three months.
The integrated energy producer and retailer told the ASX on Tuesday its underlying net profit after tax was likely to come in at between $760m-$810m, up from guidance given in February of $680m-$780m.
That in turn had been upgraded from a range of $580m-$780m.
AGL delivered an underlying net profit of $281m in FY23, up 25 per cent on the previous year, and a statutory loss of $1.26bn once impairment charges relating to the early shutdown of its coal fired power stations and financial instruments was factored in.
AGL shares were more than 5.4 per cent higher on the news on Tuesday, changing hands at $9.83.
AGL told the ASX on Tuesday that strong demand and better plant availability underpinned the upgrade.
“The update to guidance reflects the continued strong operational and financial performance of the business since the half year results, due to improved plant availability, flexibility and generation, higher consumer demand over the summer period in New South Wales and Queensland, and continued strong Customer Markets performance,’’ AGL said.
The company’s underlying EBITDA is expected to come in at between $2.12bn and $2.2bn, up from $2.02bn and $2.17bn previously.
AGL will report its full year results on August 14.