22nd May 2019 10:07
LONDON (Alliance News) - Power generation firm ContourGlobal PLC said Wednesday it saw a rise in earnings and revenue in the first quarter of 2019, keeping its earnings guidance for the year.
For the three months to the end of March, adjusted earnings before interest, taxes, depreciation and amortisation rose by 24% to USD147.0 million from USD119.0 million the year before.
ContourGlobal attributed the earnings rise to the contribution of the 250 megawatts solar power facilities in Spain acquired by the group in May 2018, as well as improved wind resource and availability.
The Spanish facilities acquisition also contributed towards a 37% increase in the group's funds from operations to USD69.0 million from USD50.4 million. Revenue in the quarter grew by 13% at USD286.9 million from USD255.1 million.
Looking ahead, ContourGlobal has kept its adjusted Ebitda guidance range for 2019 at USD720 million to USD770 million.
"We have made a strong start to 2019 with growth in adjusted Ebitda in line with our expectations. During the quarter, we marked an important milestone in the development of the Kosova e Re project. Our mergers & acquisitions pipeline remains robust and other key projects such as our innovative hydroelectric refurbishment in Armenia and the modernization of our integrated renewable, storage and thermal generation facility on the island of Bonaire are on track," said Chief Executive Officer Joseph Brandt.
Shares in ContourGlobal were up 1.3% at 201.50 pence on Wednesday.
Related Shares:
GLO.L