German utility E.ON lowers medium-term outlook

German utility E.ON slips to Q3 loss and lowers earnings outlook for 2013

Associated Press

BERLIN (AP) -- German electricity and gas supplier E.ON AG has lowered its earnings forecast for next year because of economic uncertainties and changes in the energy industry.

The reduced forecast comes as the utility, which is based in Duesseldorf, reported a €179 million ($228 million) loss for the third quarter. A year earlier, it made a net profit of €173 million.

Though the company says it's on track to meet its target for this year of underlying net income between €4.1 billion and €4.5 billion, it says it's reviewing its longer-term targets.

E.On says its previous 2013 forecast for underlying net income of €3.2 billion-€3.7 billion "no longer seems achievable"

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