Algonquin Power ( (AQN) ) has released its Q3 earnings. Here is a breakdown of the information Algonquin Power presented to its investors.
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Algonquin Power & Utilities Corp. is a diversified international generation, transmission, and distribution utility company, serving over one million customers in the United States and Canada with investments in renewable energy and utility operations.
Algonquin Power & Utilities Corp. has reported its financial results for the third quarter of 2024, showcasing its ongoing efforts to streamline and focus on its regulated business. The company highlighted progress in its strategic initiatives, including the sale of its renewables business and the execution of recent rate case filings.
In the third quarter, Algonquin reported net utility sales of $442.9 million, reflecting a 6% increase from the previous year. Adjusted EBITDA rose by 4% to $264.4 million, although adjusted net earnings experienced a 5% decline to $64.9 million compared to last year. Additionally, adjusted net earnings per share decreased by 20%, illustrating challenges in maintaining profitability amidst evolving market conditions.
Significant corporate actions included the sale agreement of its renewable energy business to LS Power for up to $2.5 billion, marking a crucial step in its strategy to concentrate on regulated services. The company also announced several rate cases across its utilities, aiming to recover significant capital investments and reduce regulatory lag.
Looking forward, Algonquin remains committed to enhancing its operational efficiency and improving shareholder returns by focusing on its regulated utility services. The company’s management expresses confidence in the strategic path chosen, despite acknowledging the ongoing work needed to achieve their objectives.
