SSE Backs Fiscal Year 2024 Earnings Guidance Despite 1Q Renewables Underperformance

By Joe Hoppe

SSE PLC on Thursday reiterated earnings guidance for fiscal 2024, with an underperformance in renewables in its first quarter ended June 30 is expected to be offset in the key months ahead.

The FTSE 100 energy company continues to expect adjusted earnings per share of at least 150 pence ($1.94) for the year ending March 31, 2024, compared with 166.0 pence in fiscal 2023.

SSE said its renewable electricity output fell to 1,625 gigawatt-hours in the first quarter from 2,129 GWh a year earlier, 5% below full-year plans due to weather conditions. However, the key months in its financial year are still ahead, with the first few weeks of the second quarter have so far seen a return to more normal weather, it said.

Thermal power generation slipped to 3,714 GWh from 3,809 GWh a year earlier, reflecting more planned outages.

"We are making good progress on the critical national infrastructure projects that underpin our growth plans out to 2027, and we continue to develop options that could see us invest up to GBP40 billion over the next decade," Finance Director Gregor Alexander said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

July 20, 2023 02:43 ET (06:43 GMT)

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