(Reuters) -Italy's largest regional power utility A2A on Tuesday raised its core and net profit forecast for the year, after posting a 70% higher first-quarter profit boosted by growth in hydro production.
The group said it would target earnings before interest, taxes, depreciation and amortization (EBITDA) of between 2.08 billion and 2.12 billion euros ($2.29 billion) for 2024, up from its previous forecast of between 2 billion and 2.02 billion euros, as it expects solid performance by its Generation & Trading and Market Business units going forward.
The utility also raised its forecast for its net profit to between 650 million and 670 million euros from a range of 570-590 million euros.
"The company's hydro, wind and photovoltaic production in Q1 exceeded production from gas power plants for the first time in the history of the utility," Chief Executive Renato Mazzoncini said at a press briefing.
A2A net profit came in at 294 million euros over the January-March period and core earnings were up 40% to 703 million euros year-on-year.
Shares in A2A were up 1.6% at 1523 GMT after rising as much as 2.5% during the day, touching their highest level since late November at 2.017 euros.
($1 = 0.9270 euros)
(Reporting by Federica Urso and Giancarlo Navach, editing by Giulia Segreti and Michael Erman)
