Centrica ‘Blindsided’ by North America as Shares Plunge
- North America Business unit expected to drop 64% y/y
- Performance indicators for U.S. unit weren’t fully visible
A gas flame buring on a stove.
Photographer: Robert Gilhooly/Bloomberg
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A surprise slump in Centrica Plc’s North America business helped send the utility’s shares down the most in 20 years.
Adjusted operating profit for the unit is this year expected to plunge 64 percent from a year earlier, the Windsor, England-based company said Thursday in a trading statement. In Centrica’s results statement less than four months ago, it still said its North America Business “continues to build on its position.”