French Suez Targets 1 Billion Euros In Cost Cuts By 2023 To Lift Earnings

www.oann.com | 8/17/2019 | Staff
rach-rachrach-rach (Posted by) Level 3
PARIS (Reuters) – The new chief executive of Suez wants to boost the French waste and water firm’s earnings by cutting costs by a billion euros ($1.1 billion) per year by 2023 and seeking more growth from industrial customers.

A new strategy plan for the next four years aims to boost profitability from 2021, when Suez wants to have recurring earnings per share of 0.8 euros from 0.47 in 2018, but its dividend will remain unchanged for now.

CEO - Bertrand - Camus - Suez - Cost

CEO Bertrand Camus said Suez is targeting annual cost savings of 1 billion euros by 2023, with nearly half of these savings already in place by 2021.

He declined to say when Suez might increase its dividend, which has been unchanged at 65 cents per share since the company’s IPO in 2008.

Dividend - Euro - Years - Line - Earnings

“We will maintain the dividend at 0.65 euro in the next two years and then we want to be able to make it grow in line with earnings, both in terms of earnings per share and recurring cash flows and as soon as the dividend is well covered by results and cash flow,” he said.

Suez shares were 2.3% lower in early trade, underperforming...
(Excerpt) Read more at: www.oann.com
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!