ERG Italy reduces its core profit forecast for the full year due to low wind levels

The Italian energy company ERG lowered its core profit forecast for the full year on Thursday, citing exceptionally low wind levels during the third quarter. It expects to earn between 520 and 560 millions euros (547 million and $589) in the full year before interest, taxes, depreciation, and amortisation, down from its previous guidance of 520 million to 520 million euros.

ERG CEO Paolo Merli says that Donald Trump's position towards renewable energy in the United States is nothing to be concerned about.

We are not concerned about what is already in our portfolio. Merli stated that the U.S. market is still quite interesting in a call with investors following the release the company's results for the third quarter.

Signed a partnership

Last December, the U.S. renewables firm Apex Clean Energy agreed to purchase a 75% share in the company for $270m and a portfolio with a 317-megawatt installed capacity. The group confirmed that it forecasts capital expenditures between 550 and 600 million euro and net financial debts of 1,75 to 1,85 billion euro for 2024.

ERG reported that its quarterly adjusted EBITDA increased by 4%, to 109 millions euros.

The Italian group announced that it would launch an share buyback program for up to 23 millions euros.

(source: Reuters)