February 14, 2018 / 1:27 PM / 10 months ago

Enel sticks to its full-year targets after solid 2017

MILAN, Feb 14 (Reuters) - Italy’s biggest utility Enel on Wednesday confirmed its targets for this year after 2017 core earnings rose 2.6 percent, boosted by stronger margins in Italy and South America.

Enel in preliminary results its ordinary earnings before interests, tax, depreciation and amortisation (EBITDA) were 15.6 billion euros ($19 billion) in line with consensus and a company outlook of around 15.5 billion euros.

“The solid results posted in 2017 allow us to confirm the plan targets for 2018,” CEO Francesco Starace said.

Europe’s biggest utility is expecting ordinary EBITDA of around 16.2 billion euros this year and ordinary net profit of 4.1 billion euros.

Enel, which owns a majority stake in Spanish utility Endesa , is shifting its focus to more mature markets like Italy, Spain and the U.S. while increasing investments to make its networks more digital. ($1 = 0.8104 euros) (Reporting by Stephen Jewkes, editing by Giulia Segreti)

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