Engie ( (ENGIY) ) has released its Q3 earnings. Here is a breakdown of the information Engie presented to its investors.
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Engie is a global energy and services company specializing in low-carbon power generation, energy infrastructure, and energy solutions. The company operates in the energy sector with a focus on renewable energy and is committed to accelerating the transition towards a carbon-neutral world.
Engie’s latest earnings report for the first nine months of 2024 showcases strong operational and financial performance. The company reported significant progress in its renewables sector, with 2.3 GW of new capacity added and 7.2 GW under construction. Additionally, Engie maintained robust cash flow generation and confirmed its full-year financial guidance.
Key financial metrics revealed a 14.8% decline in revenue to €52.6 billion, primarily due to a high comparative base from 2023. However, the company achieved healthy organic growth in EBIT, driven by renewable energy, networks, and energy management. Notably, Engie expanded its battery storage capacity and secured a new power transmission concession in Brazil. Investments in renewables and energy solutions were prioritized, with €6.9 billion in capital expenditures recorded.
Looking ahead, Engie remains confident in achieving its 2024 financial targets, with expectations to reach the upper end of its net recurring income guidance. The company is focused on maintaining a strong investment-grade credit rating and continues to pursue growth in renewable energy and infrastructure projects, reinforcing its commitment to building a sustainable energy system.
