Record Hydro Generation Leads to Record Earnings for Mercury in FY18
Narrow-moat-rated Mercury NZ's underlying EBITDA increased 7% to NZD 561 million, 1% above our forecast, as heavy rainfall pushed hydroelectric generation 24% above an average year. But favourable weather won't last. Fiscal 2019 guidance is for EBITDA to fall 8% to NZD 515 million, broadly in line with expectations, as rainfall reverts to more normal levels. The firm opted not to pay a special dividend as it refocuses on investing in growth projects. Guidance is for dividends of NZD 15.5 cents p...Mercury NZ is engaged in the investment, development and producing of electricity from renewable and other energy sources, selling of energy and energy related services and products to retail and wholesale customers. As of June 30 2013, Co. had 388,000 electric customers.
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