Fortum, an energy company, exceeded analysts’ expectations at the beginning of the year despite facing challenges. Despite a turnover of EUR 2,015 million in January-March, which was lower than the comparison period a year ago, it surpassed the consensus forecast of 1,828 million euros collected by seven analysts.
The company’s comparable EBITDA at the beginning of the year was 662 million euros, higher than analysts’ average expectation of 549 million euros. However, this figure was lower than the 781 million euros recorded in the comparison period a year ago.
In terms of comparable operating profit, Fortum reported 530 million euros, which was above the analysts’ consensus prediction of 451 million euros. In the same period last year, the company’s comparable operating result reached 698 million euros.
Fortum’s earnings per share at the beginning of the year were EUR 0.53, beating analysts’ average expectation of EUR 0.39. In the comparison period, earnings per share were EUR 0.60.
Fortum’s CEO Markus Rauramo attributed some factors to decline in earnings such as drop in gas and electricity prices in Europe but also highlighted positive developments like start of arbitration proceedings against Russian state to protect legal position and shareholder interests. Despite challenges in national economies and high inflation levels Rauramo is optimistic about future outlook for Fortum he expects to sustain growth trajectory with key investments including growth investments and annual maintenance investments in coming years . By strategically managing investment and adapting market dynamics Fortum aims to strengthen its position in energy market capitalize emerging opportunities and deliver long term value to shareholders
