July 31, 2018 / 6:19 AM / 16 days ago

EDF H1 core earnings up 18 pct on nuclear, hydro rebound

PARIS, July 31 (Reuters) - First-half core earnings at French state-controlled utility EDF jumped nearly 18 percent to 8.23 billion euros ($9.6 billion) as hydropower and nuclear energy output rebounded, and EDF also slightly increased its 2018 earnings guidance.

EDF said the earnings improvement was driven mainly by a sharp increase in its French nuclear and hydropower generation business and by higher wholesale power prices.

Sales rose 5.6 percent to 35.18 billion euros, while EBIT (earnings before interest and tax) fell 6 percent to 3.65 billion euros.

The company’s recurring net income rose 27 percent to 1.74 billion euros while net income fell 13.9 percent to 1.73 billion euros.

A ThomsonReuters poll of four analysts had forecast core earnings before interest, tax, depreciation and amortisation (EBITDA) of 7.82 billion euros, EBIT of 3.45 billion euros and current net income of 1.26 billion euros.

EDF increased its earnings guidance for 2018 core earnings to 14.8-15.3 billion euros.

$1 = 0.8538 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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