Thursday 3rd November 2016 |
Text too small? |
Mercury NZ, the electricity generator and distributor formerly known as MightyRiverPower, raised its 2017 earnings guidance to reflect additional hydro generation expected from dams in the Waikato catchment.
The Auckland-based generator, which holds its annual meeting this morning, raised its forecast for earnings before interest, tax, depreciation, amortisation and fair-value adjustments by $5 million to $495 million. It earned $493 million on that basis in the year ended June 30.
"Mercury has enjoyed favourable hydrological conditions in the Waikato catchment through the first three months of this financial year," it said. "Consequently, in its quarterly operational update for the quarter ended 30 September, the company increased its FY2017 mid-point hydro generation forecast by 100GWh to 4,250GWh."
Its guidance for 2017 ordinary dividends was kept at 14.6 cents per share, up 2 percent on last year.
Mercury shares last traded at $3.01 and have gained 8.9 percent this year, lagging behind a 14.5 percent increase in the NZX 50 Index.
BusinessDesk.co.nz
No comments yet
July 17th Morning Report
Meridian Energy monthly operating report for June 2025
July 16th Morning Report
AIA - June 2025 Monthly traffic update
CHI - Q2 2025 Operational Update
July 15th Morning Report
BPG - Blackpearl Acquires US AI Platform to Accelerate Growth
TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update