News: AGL UPDATE 1-Australia's AGL Energy hikes annual earnings outlook on strong summer demand

(Updates with company comment, more details on earnings outlook)

May 7 (Reuters) - Australian power producer AGL Energy (AGL) hiked its fiscal 2024 earnings outlook on Tuesday, citing improved plant availability and higher consumer demand over the summer period in New South Wales and Queensland.

The country's top power producer now expects annual underlying net profit after tax (NPAT) between A$760 million ($503.27 million) and A$810 million, above prior guidance of A$680 million and A$780 million. Its underlying NPAT in fiscal 2023 was A$281 million.

"The update to guidance reflects the continued strong operational and financial performance of the business ... due to improved plant availability, flexibility and generation, higher consumer demand over the summer period in New South Wales and Queensland," AGL said in an exchange filing.

It also hiked its outlook for underlying operating earnings to between A$2.12 billion and A$2.20 billion, the midpoint of which is around 3% higher than the midpoint of its prior view.

AGL Energy, which sells retail power to one-sixth of Australians, will announce its results for the year ending June 30 on August 14.

($1 = 1.5101 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))