ERG posts 12% drop in first-quarter core profit, confirms guidance

(Reuters) -Italy's renewable energy company ERG on Thursday reported a 12% fall in its first-quarter adjusted core profit, citing lower wind volumes caused by exceptionally unfavourable wind conditions across Europe and Italy.

Group's quarterly core profit fell to 145 million euros ($162.43 million) from 165 million euros the previous year.

Erg net profit fell 37% from a year ago to 49 million euros, also due to higher financial expenses, the group owned by the Garrone family said.

It confirmed the 2025 guidance, which includes core profit in the range of 540 million euros to 600 million euros, and a capital expenditure of up to 240 million euros.

($1 = 0.8927 euros)

(Reporting by Alberto ChiumentoEditing by Tomasz Janowski)