MADRID (Reuters) - Spanish utility Iberdrola raised on Wednesday its profit target for the year after a strong first quarter on the back of high renewable output in Spain and positive price adjustments in its network business in the U.S. and elsewhere.

The company now expects high-single-digit profit growth this year, having previously guided for a growth of between 5% and 7%.

Quarterly net profit rose to 2.76 billion euros ($2.95 billion) from 1.49 billion euros a year earlier.

Excluding one-offs, like a 1.2 billion euro gain in the quarter on the sale of some of Iberdrola's assets in Mexico, profit rose 28%.

($1 = 0.9345 euros)

(Reporting by Pietro Lombardi, editing by Inti Landauro)