Fortum, an energy company, started the year on a strong note by surpassing analysts’ expectations. Despite a lower turnover of EUR 2,015 million in January-March compared to the same period last year, the company exceeded the consensus forecast of 1,828 million euros collected by seven analysts.
Fortum’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, surpassing the analysts’ average expectation of EUR 0.39. In the comparison period, earnings per share were EUR 0.60.
CEO Markus Rauramo attributed some of Fortum’s declining earnings to factors such as falling gas and electricity prices in Europe but also highlighted positive developments such as ongoing arbitration proceedings against Russia for protecting their legal position and interests. Despite challenges in national economies and high inflation levels, Rauramo remains optimistic about Fortum’s future outlook and looks forward to key investments in growth and maintenance over coming years to strengthen its position in the energy market and seize emerging opportunities for sustained long-term value creation for shareholders