MADRID, July 24 (Reuters) - Europe's largest utility Iberdrola (IBE.MC) , opens new tab on Wednesday raised its 2024 outlook for the second time this year, following a strong performance in the first half driven by its network business and new renewable capacity.

The Spanish firm, the largest in Europe by market value, is reaping the benefits of shifting its focus towards upgrading and expanding grids in the United States and elsewhere while becoming more selective on renewable energy projects.

The company now expects double-digit percentage growth in net profit, up from earlier guidance of high single-digit growth. The guidance excludes capital gains from the sale of assets.

Its network division was boosted by higher tariffs granted by regulators in Britain, the U.S. and Brazil.

"We are making good progress on delivering against the targets in our business plan to 2026," Executive Chairman Ignacio Sanchez Galan said.

"On top of this, we also expect further medium-to-long-term growth opportunities to crystallize in the second half of the year, in our networks and storage business areas, as well as new opportunities to support the expansion of data centres,” he added.

Net profit jumped 64% to 4.1 billion euros ($4.5 billion) in the first six months of the year.

Core earnings - before interest, tax, depreciation and amortisation - surged 27% to 9.6 billion euros. Excluding one-offs, like the sale of some of its assets in Mexico, core earnings were 9% higher.

On renewables, the firm is adding onshore and offshore wind capacity.

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https://www.reuters.com/markets/europe/spains-iberdrola-raises-outlook-again-after-strong-second-quarter-2024-07-24/