Origin Energy (ASX:ORG) share price weakens on earnings downgrade

Company News

by Katrina Bullock

Shares in Origin Energy (ASX:ORG) dropped this morning on the back of an earnings write down.

Origin has revised its full year EBITDA guidance.

It now expects earnings to be in the range of $1 to $1.14 billion - a steep drop from the $1.15 to $1.3 billion range previously communicated to the market.

Origin blames the downgrade on the impact of the pandemic on energy demand, milder summer conditions due to the La Niña weather pattern and the rising cost of gas.

Shares in Origin Energy (ASX:ORG) are trading 7.66 per cent lower at $4.58.