Innogy SE cut its full-year guidance on Thursday citing the effects of structural changes from its takeover by E.ON SE, and said that earnings for the first nine months increased on the previous-year period.
The German utility IGY, -0.47% made a net profit of 527 million euros ($580 million) in the first nine months of the year, up from EUR217 million. However, on an adjusted basis profit more than halved to EUR212 million from EUR458 million.
Revenue totaled EUR24.14 billion, down 1.1% on EUR24.41 billion the year before.
Innogy said it now expected to report adjusted earnings before interest and tax of EUR1.60 billion for 2019, down from its previous guidance of about EUR2.20 billion.
The company cited the structural effects of the takeover by E.ON EOAN, -0.21% for the downgrade, as it deconsolidated a number of activities from its accounts which will therefore no longer be included in its adjusted EBIT figure.