November 6, 2018 / 4:47 PM / 12 days ago

Enel beats earnings forecast but sees higher debt for the year

MILAN, Nov 6 (Reuters) - Italy’s Enel stuck to its earnings outlook on Tuesday after beating nine-month forecasts but raised its debt target for the year partly because of acquisitions and currency swings.

Europe’s biggest utility said ordinary earnings before tax, depreciation and amortisation came in at 12 billion euros ($13.7 billion), above an analyst consensus of 11.769 billion euros.

The utility, which in June agreed to spend almost $1.5 billion on Brazil’s Eletropaulo, said it now expected net debt this year to be 1-2 billion euros higher than target. ($1 = 0.8760 euros) (Reporting by Stephen Jewkes; editing by Francesca Landini)

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