By Jaime Llinares Taboada

 

SSE PLC on Tuesday raised earnings guidance for fiscal 2022, as renewable electricity production benefited from better weather conditions in the fourth quarter.

The U.K. energy group, which owns power-eneration plants and networks, forecast adjusted earnings per share of between 92 pence and 97 pence ($1.20-$1.27) for the year ending March 31. Previously, in February, SSE had said that adjusted EPS would be at least 90 pence.

The company said that the shortfall in renewable output decreased to 12% below plan as ofarch 22, compared with 19% below plan for the first three quarters of the year. In addition, thermal and hydroelectric plants continued to perform well.

Moreover, SSE reaffirmed its fiscal 2022 dividend guidance of 81 pence plus inflation. The company is also on track to report full-year capital expenditure of more than GBP2 billion and year-end adjusted net debt below GBP9 billion--following the completion of the disposal of its investment in Scotia Gas Networks.

"SSE's integrated and balanced business model has performed well in turbulent market conditions, with expected financial performance now broadly aligning with our internal projections at the beginning of the year," Finance Director Gregor Alexander said.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

March 29, 2022 02:29 ET (06:29 GMT)

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