on ENGIE (EPA:ENGI)
ENGIE Reports Q1 2024 Financial Results and Confirms Full-Year Guidance
ENGIE has announced its financial results for the first quarter of 2024, demonstrating strong operational and financial performance despite a slight decline in specific sectors. The company reported a revenue of €22.0 billion, marking a decrease of 24.6% compared to the previous year. EBITDA stood at €5.4 billion, slightly down by 0.1% on a gross basis.
The energy giant confirmed its guidance for 2024, projecting a Net Recurring Income group share in the range of €4.2 to €4.8 billion. Significant developments included the progression of 7 GW of renewable capacity under construction and the commencement of operations at the largest battery storage unit in Latin America, located at Coya, Chile.
ENGIE's results reflect robust cash flow improvements, with Cash Flow From Operations increasing by €1.4 billion, driven by better management of working capital. The company also highlighted a reduction in net financial and economic debt, contributing to a strong balance sheet. CEO Catherine MacGregor expressed confidence in the strategic direction and resilient performance amidst fluctuating market conditions.
R. H.
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