German utility RWE AG (RWE.XE) Thursday said it expects profits to fall
further in 2014, as a capacity glut that is the result of expanding renewable
energies continue to depress earnings.
In a statement, the company said it expects next year's earnings before
interest, taxes, depreciation and amortization be between 7.6 billion euros and
8.1 billion euros ($10.2 billion to $10.9 billion).
Operating profit is expected to amount to between EUR4.5 billion and EUR4.9
billion.
The company's recurrent after tax profit, which strips out non-recurring items,
is expected to come in between EUR1.3 billion and EUR1.5 billion.
The
company also reiterated its profit outlook for 2013.