AGL (ASX:AGL) has confirmed that it expects earnings in a range of $560 million to $660 mllion in financial year 2021.
The guidance is a material reduction compared to financial year 2020, reflecting operating and market headwinds that the company is facing.
These headwinds include reduced gross margin in wholesale gas and electricity, further increases in depreciation expenses from recent investments in plants, systems and growth and COVID-19 cost challenges.
The company says its strategy remains focused on growth, transformation and social licence. consistent with this strategy, AGL published a new Climate Statement earlier this year setting out our target to achieve net zero emissions by 2050.
Shares in AGL (ASX:AGL) are trading 0.88 per cent lower at $13.58