Macquarie Group found itself on Monday in the somewhat indelicate position of providing a bountiful profit-forecast upgrade prompted by the extreme weather that has left millions of Texans freezing in the dark.
Having guided two weeks earlier for a decline in group net profit in the year to March 31, Macquarie instead revised its guidance to a 5% to 10% increase, all thanks to a boost from the commodity business that could be as much as A$270 million ($210 million).
The profits are in a business that specializes in getting gas and electricity from one part of the US to another, taking a commission on the price of the moment as it does so.
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