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EDP shares rise after Q1 beat, lower net debt guidance

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** Shares of Portugal-based utility EDP EDP.LS climb around 4% on the back of Q1 results above market expectations and lower debt guidance

** EDP reports a net profit of 354 mln euros ($381.47 mln), 11.7% above the consensus of 317 mln euros

** Bestinver Securities attributes the beat to lower commercialisation margins, capital gains in Brazil, lower financial costs, minorities and the tax rate

** EDP guides to lower 2026 net debt of about 16 bln euros, which RBC says should please the market as it's guided to be achieved with a similar net income

** EDP cuts 2023 net income guidance to 1.2-1.3 bln euros from 1.4-1.5 bln euros previously, together with EBITDA expected at 5-5.1 bln euros (prev. 5.7 bln euros)

** Bestinver Securities says guidance cut was provoked by the renewables business but it was anticipated and priced-in by the market

** The stock is among the top performers on STOXX 600 index .STOXX

** If gains hold, the shares are on track for their best day in about 16 months

($1 = 0.9280 euros)

Reporting by Maria Luiza Amaral


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