# Snam confirms guidance after rise in first quarter sales
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-05-11
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Snam Confirms Guidance After Rise in Q1 Sales
Meta Description: Italian gas grid operator Snam sees 13% increase in revenue for January-March 2023 driven by regulated business. CEO confident ahead of winter season.
URL: https://financedigest.com/snam-confirms-guidance-after-rise-in-first-quarter-saleshtml

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# Snam confirms guidance after rise in first quarter sales

MILAN (Reuters) – Italian gas grid operator Snam on Thursday confirmed its targets for this year after reporting a 13% year-on-year rise in revenue for the first quarter.

Sales between January and March rose to 912 million euros ($1 billion) driven by the group’s regulated business, the company said.

Adjusted core earnings rose 1.5% to 597 million euros in the period thanks to the growth in the group’s energy transition business.

[Gas demand](https://www.financedigest.com/demand-for-automotive-gas-charged-shock-absorbers-market-to-be-fuelled-by-rapid-shift-in-consumer-perception-and-increasing-awareness.html "Demand for Automotive Gas Charged Shock Absorbers Market to be Fuelled by Rapid Shift in Consumer Perception and Increasing Awareness") in Italy in the first quarter of 2023 amounted to 20.5 billion cubic metres (bcm), down 19% year-on-year due to lower consumption in all sectors that Snam operates in.

Snam said the most recent estimates on the evolution in [gas demand](https://www.financedigest.com/eu-asks-countries-to-cut-gas-demand-by-15-until-spring.html "EU asks countries to cut gas demand by 15% until spring") in Italy for 2023 were in line with 2022, when the country consumed 69 bcm.

The group, which also [manages the bulk of Italy’s](https://www.financedigest.com/ings-money-management-platform-yolt-expands-to-france-and-italy.html "ING’s money management platform Yolt expands to France and Italy") gas storage facilities, said the country was in good shape ahead of a winter season in which imports from Russia were expected to fall further.

We face the coming winter with a much stronger and more resilient [energy system](https://www.financedigest.com/energy-management-system-market-to-register-a-cagr-of-14-8.html "Energy Management System Market to register a CAGR of 14.8%") thanks to storage facilities that are still 65% full,” Snam CEO Stefano Venier said in a statement.

The group is completing work on its new liquefied natural (LNG) gas terminal in the Tuscan port of Piombino, which is [expected to start commercial operations by the end](https://www.financedigest.com/sales-of-stent-graft-balloon-catheter-in-cardiac-catheterization-laboratories-are-expected-to-surpass-us-1000-mn-by-the-end-of-2022.html "Sales of Stent Graft Balloon Catheter In Cardiac Catheterization Laboratories are Expected to Surpass US$ 1,000 Mn by the End of 2022") of this month.

($1 = 0.9084 euros)

[(Reporting by Francesca Landini Editing by Alvise Armellini and Mark](https://www.financedigest.com/geoengineering-marks-scientific-gains-in-u-n-report-on-dire-climate-future.html "Geoengineering marks scientific gains in U.N. report on dire climate future") Potter)


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