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Origin Energy Beats Profit Estimates on Strong Energy Markets
12 Feb
Summary
- Origin Energy's Energy Markets division saw a 17% earnings increase.
- Full-year operating earnings forecast raised to A$1.55-A$1.75 billion.
- Integrated Gas division earnings fell over 31% due to lower prices.
Origin Energy has reported first-half underlying profit of A$593 million, exceeding analyst consensus. The company's Energy Markets division, its primary retail energy business, was a significant contributor, posting a 17% year-on-year increase in operating earnings, reaching A$860 million for the six months ending December 31.
This strong performance prompted Origin Energy to revise its full-year operating earnings outlook upwards. The company now anticipates earnings between A$1.55 billion and A$1.75 billion, an increase from its previous guidance. This new range surpasses current market expectations.
Conversely, the Integrated Gas division encountered challenges, with operating earnings dropping by more than 31%. This downturn was primarily caused by softer realized prices and decreased production levels within its liquefied natural gas operations.
Origin Energy confirmed its interim dividend remains unchanged at 30 Australian cents per share, maintaining its commitment to shareholders.
