By Dominic Chopping


Danish renewable-energy company Orsted AS late Thursday reported preliminary earnings that came in at the lower-end of its guided range.

The company said 2022 Ebitda excluding new partnership agreements was 21.1 billion Danish Krone ($3.07 billion), from DKK15.8 billion last year and against company guidance of DKK21 billion-DKK23 billion.

Ebitda excluding new partnership agreements is expected to be DKK20 billion-DKK23 billion in 2023, it said.

Ahead of next month's full-year earnings report, the company said earnings before interest, tax, depreciation and amortisation was DKK32.1 billion in 2022, up from DKK24.3 billion last year and versus the DKK30 billion expected in a FactSet poll.

The company said that as a result of project-specific capital expenditure increases, unprecedented cost inflation, and rapidly rising interest rates in 2022, it will recognise an impairment of DKK2.5 billion on its 50%-owned U.S.-based offshore wind development project Sunrise Wind in 2022.

"In a year with unusual market conditions, not least the very volatile energy prices and a substantial increase in inflation, we're happy to achieve a record-high Ebitda for 2022 within our latest guidance and above our initial expectations for the year," Chief Executive Mads Nipper said.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

01-20-23 0305ET