Northland Power (OTC) ( (NPIFF) ) has released its Q4 earnings. Here is a breakdown of the information Northland Power (OTC) presented to its investors.
Northland Power Inc., a Canadian-owned global power producer, is dedicated to accelerating the global energy transition through its diversified energy infrastructure assets, including offshore and onshore wind, solar, battery energy storage, and natural gas facilities. Headquartered in Toronto, the company has a significant presence with operations and development projects worldwide.
In its latest earnings report, Northland Power announced strong operating results for the fourth quarter of 2024, achieving the high end of its financial guidance. The company also appointed Christine Healy as the new President and CEO. Significant progress was made on major construction projects, including Baltic Power, Hai Long, and Oneida, with a robust balance sheet supporting future growth.
Key financial highlights include a year-over-year increase in full-year revenue from energy sales, reaching $2.346 billion, and a net income of $371 million, a significant turnaround from the previous year’s net loss. However, the fourth quarter saw a decrease in revenue and Adjusted EBITDA compared to the same period in 2023, primarily due to lower offshore wind resources and the absence of gains from asset sell-downs. The company also announced changes to its Dividend Reinvestment Plan and extended the maturity of its EBSA credit facility.
Looking ahead, Northland Power expects continued growth, with Adjusted EBITDA projected to increase to between $1.3 billion and $1.4 billion in 2025. The company anticipates contributions from its ongoing projects, with full realization expected by 2027. Despite some anticipated decreases in Adjusted Free Cash Flow due to regulatory changes and previous asset sales, Northland remains optimistic about its long-term growth prospects.
Northland Power’s management remains committed to delivering on its strategic objectives, with a focus on completing its current projects and pursuing new opportunities within its development pipeline. The company is well-positioned to capitalize on the global energy transition, with a diversified portfolio and a strong financial outlook for the coming years.