Renewables and power grids push Iberdrola Q1 earnings up 1.5%

MADRID, May 12 (Reuters) - Europe’s biggest wind power group Iberdrola reported a 1.5% rise in first-quarter core earnings on Wednesday, supported by rapid building of renewable energy plants and investments in its network businesses.

Core earnings before interest, tax, depreciation and amortisation of 2.8 billion euros ($3.4 billion) broadly met the average forecast given by eight analysts polled by the company.

Iberdrola reiterated guidance for net profit of 3.7-3.8 billion euros in the full year and proposed a complementary dividend of 0.252 euros per share, bringing the 2020 shareholder payout to 0.42 euros per share.

$1 = 0.8250 euros Reporting by Isla Binnie, Editing by Inti Landauro