E.ON Swings To Q2 Loss, Lowers 2011 Outlook

E.ON AG

reported a loss in the second quarter and lowered its 2011 profit projections. E.ON posted a net loss in of EUR1.58 billion, versus a profit of EUR1.63 billion, in the year-ago period. Adjusted for non-recurring items, the company reported an after-tax loss of EUR382 million, versus a profit of EUR1.25 billion. Its adjusted Ebitda came dropped to EUR855 million, from EUR3.38 billion. E.ON's revenue surged about 35% y/y to EUR25.2 billion, from EUR18.62 billion. E.ON now projects full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between EUR9.1 billion and EUR9.8 billion, versus its earlier range of EUR10.7 billion-EUR11.4 billion. E.ON shares gained 0.36% to $22.41 in after-hours trading.