PARIS, Nov 7 (Reuters) - French utility Engie (ENGIE.PA) , opens new tab said on Thursday its nine-month earnings fell 11% from a year earlier, as higher hydropower and renewable energy output failed to fully offset lower income from its gas trading business.

The company reported nine-month earnings before interest and tax (EBIT), excluding nuclear, of 7.1 billion euros ($7.63 billion), down from 8 billion euros a year ago.

The company confirmed its guidance and said full-year net recurring income would be at the higher end of between 5 billion and 5.6 billion euros.

The company, which sells and trades electricity and gas, had a 15% rise in third-quarter earnings before interest and tax (EBIT), excluding nuclear, to 1.5 billion euros, based on Reuters calculations.

Engie has benefited from high rainfall this year, which has boosted its hydropower output in France and Portugal, and provided low prices for its flexible generation in Chile. The Flex Gen business encompasses energy production from thermal power plants, battery storage and hydrogen production.

CFO Pierre-Francois Riolacci also told reporters on a call that it had seen growth in its gas trading unit Global Energy Management and Sales (GEMS) during the third quarter compared with last year.

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https://www.reuters.com/business/energy/engie-reports-11-fall-nine-month-earnings-2024-11-07/