Mercury NZ boosts FY18 earnings guidance

Company News

by Anna Napoli

New Zealand electricity company Mercury NZ (ASX:MCY) has lifted its financial year 2018 earnings (EBITDAF) guidance to $540 million.

The company had previously expected around $530 million.

Mercury says the potential rise in earnings is due to an increase in its full year forecast hydro generation due to ongoing wet weather in the Taupo area.

Annual hydro generation is now expected to be around 700 gigawatt hours (GWh) above average for the 2018 financial year.

The company says guidance may change and remains subject to any material events.

Shares in Mercury NZ (ASX:MCY) closed down 3.94% to $3.17 yesterday.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.