Shares of Energias de Portugal (EDP) saw an approximate 5% increase following the announcement of a stronger than anticipated first quarter net profit.
The company, Portugal’s largest utility, reported a 21% increase in Q1 net profit, a development attributed to heavy rainfall that boosted hydroelectric output in Iberia.
EDP’s net profit came in at 428 million euros, surpassing the average forecast of 368 million euros as per an LSEG poll of analysts.
This significant jump in profit marks a successful quarter for the company, with the increase in hydroelectric output due to heavy rainfall playing a key role.
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