May 2, 2019 / 5:38 AM / 21 days ago

Utility Veolia confirms its outlook as Q1 core earnings rise

PARIS, May 2 (Reuters) - Utility Veolia’s first-quarter core profits rose thanks to solid progress in all its markets, particularly in new high-value activities such as hazardous waste, plastic recycling, industrial utilities and onsite services.

The French water and waste group said first-quarter core earnings before interest, tax, depreciation and amortisation (EBITDA) rose 4 percent to 1.03 billion euros ($1.15 billion) as revenues climbed 5.4 percent to 6.78 billion euros.

Current EBIT (earnings before interest and tax) rose 4.6 percent to 484 million euros and Veolia confirmed its guidance for 2019 EBITDA between 3.5-3.6 billion euros.

CEO Antoine Frerot said in a statement that Veolia had seen a very good start to the year, despite being impacted by unfavorable weather conditions for its heating business.

Veolia also said it may enjoy a potential positive tax impact of up to $460 million after U.S. tax authorities decided to no longer challenge tax deductions on a 2006 acquisition.

$1 = 0.8924 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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