RWE Q1 Net Profit Down 28%

RWE AG

reported a drop in its first-quarter profit. RWE's quarterly net profit fell 28% y/y to EUR1.31 billion, from EUR1.82 billion. However, analysts were expecting a net profit of EUR1.28 billion. Its recurrent after-tax profit fell 20% y/y to EUR1.29 billion, from EUR1.61 billion. RWE's operating profit declined 13.8% to EUR2.44 billion. Its revenue came in at EUR15.59 billion, versus EUR15.75 billion in the year-ago period. However, analysts were expecting an operating profit of EUR2.42 billion on revenue of EUR16.15 billion. RWE shares closed at $41.42 yesterday.