German energy group RWE exceeds 2023 adjusted earnings outlook

German energy group RWE on Friday announced that its fiscal 2023 preliminary adjusted earnings results are expected to exceed its outlook.

Further, the dividend target remains at €1.00 ($1.08) per share for fiscal 2023.

In Germany, RWE shares were losing 5% to trade at €34.77.

The hydro/biomass/gas segment as well as supply & trading recorded better than expected performance in the fourth quarter.

For the year, adjusted net income would be €4.54 billion, compared to outlook of €3.30 billion to €3.80 billion.

Adjusted earnings before interest and taxes (EBIT) would be €6.35 billion, compared to outlook of €5 billion to €5.60 billion, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of the RWE Group would be €8.38 billion, while outlook was €7.2 billion to €7.7 billion.

Adjusted EBITDA of the of the core business would be €7.67 billion, while outlook was €6.3 billion to €6.9 billion.

The company is scheduled to release full results on March 14.