RWE Q1 Net Profit Jumps

RWE AG (ADR) RWEOY reported a surge in its net profit for the first quarter. RWE's quarterly net profit jumped to EUR2.17 billion, versus a year-ago profit of EUR995 million. Earnings per share climbed to 3.52 euro versus 1.62 euro. Recurrent net income jumped to 877 million euros from 797 million euros. Its earnings before interest, taxes, depreciation and amortization slipped 3.4 percent to EUR2.2 billion. External revenue rose around 3 percent to 14.632 billion euros from 14.214 billion euros. At March 31, the company lowered its net debt to EUR27.7 billion, versus EUR31.01 billion three months ago. Electricity production jumped to 56.5 billion kWh versus 52.0 billion kWh. External electricity sales volume rose 2.1 percent to 68.4 billion kWh. The company confirmed its 2015 guidance. RWE shares fell 1.77 percent to close at $25.51 yesterday.