Genesis Energy upgrades earnings guidance after positive first quarter

The news: Electricity and natural gas retailer Genesis Energy has upgraded its full-year earnings guidance, telling investors that "favourable hydrology and wind outcomes" helped it deliver a positive first-quarter performance.

The numbers: Genesis now expects normalised EBITDAF in the range of NZD455 million ($400 million) to NZD485 million, up from previous guidance of NZD430 million to NZD460 million.

The context: The Auckland-based company said the favourable conditions are continuing into the second quarter. The upgraded guidance remains subject to final hydrological conditions, gas availability and pricing, plant reliability and stable market conditions, it noted.