Spain's power utility Iberdrola SA posted Thursday a 10% rise in first-quarter net profit, on a bigger contribution from its fast-growing U.S. wind power operations, but warned that lower energy prices may slow its push into the U.S. market.
Iberdrola said net profit rose to €1.01 billion, up from €922 million a year earlier, beating analyst expectations of €927 million. Earnings before interest, tax, depreciation and amortization, or Ebitda, rose 4.4% to €2.27 billion, also more than anticipated.
Profits were driven by a 24% increase in power generation in the U.S., where renewable energy output rose 48%.
