Energy giant E.On reduces earnings forecast

German electricity and gas supplier E.On has lowered its earnings forecast for next year because of economic uncertainties and changes in the energy industry.

The reduced forecast came as the utility, which is based in Dusseldorf, reported a €179m loss for the third quarter. A year earlier, it made a net profit of €173m.

The company said it is on track to meet its target for this year of underlying net income between €4.1bn and €4.5bn, but added that it is reviewing its longer-term targets.

E.On said its previous 2013 forecast for underlying net income of €3.2bn to €3.7bn “no longer seems achievable”.

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