April 29, 2020 / 6:45 AM / a month ago

Iberdrola forecasts 2020 profit growth as Q1 meets expectations

MADRID, April 29 (Reuters) - Leading global wind power producer Iberdrola posted a 5.3% rise in underlying net profit for the first quarter on Wednesday, and said capital gains and investments would help it defy the impact of the new coronavirus to boost profit at a high single-digit rate in the full year.

Powering more than 30 million homes and businesses in Spain, the United States, Brazil and Britain brought in net profit of 1.26 billion euros ($1.37 billion) in the period versus a Refinitiv SmartEstimate of 1.20 billion.

That amount included a 484 million-euro capital gain from the sale of a stake in wind turbine maker Siemens Gamesa. ($1 = 0.9214 euros) (Reporting by Isla Binnie; editing by Jesús Aguado)

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