Latin America, Green Business Propel Enel Earnings
Q1 EBITDA 4.02 billion euros vs f'cast 3.87 billion; earnings at Latin America businesses jumps 33 percent.
Italy's biggest utility Enel posted higher core earnings in the first three months, topping forecasts as a strong performance in its Latin America and renewables businesses offset weak domestic power generation.
Enel said in a statement its earnings before interest, tax, depreciation and amortisation reached 4.02 billion euros ($4.5 billion), above a Thomson Reuters consensus of 3.87 billion.
It said results in the first quarter were in line with the trend expected for the whole of 2015.
Earnings at its Latin America businesses jumped 33 percent while power generation income fell by 8 percent in Italy and by 17 percent in eastern Europe.
In line with other European utilities such as Germany's E.ON , Enel has seen its domestic business hit by weak energy demand and a surge in demand for green energy that is replacing gas and coal-fired power plants.
Europe's No 2 utility in terms of installed capacity is betting on emerging markets, green energy and digital power grids to help boost profits.
Enel, which controls Italy's biggest renewable energy company Enel Green Power, said its net debt at the end of March rose to 39.51 billion euros from 37.38 billion at the end of December, partly due to exchange rate effects.
To cut debt and fund growth, the state-controlled utility is looking to sell 5 billion euros of assets over five years, including a 66 percent stake in Slovak power generator Slovenske Elektrarne.
Reporting by Stephen Jewkes