Northland Power (OTC) ( (NPIFF) ) has released its Q3 earnings. Here is a breakdown of the information Northland Power (OTC) presented to its investors.
Northland Power is a global power producer focused on supporting the clean energy transition by generating electricity from renewable resources, with a strong presence in offshore wind and a diversified generation mix including onshore renewables and natural gas energy. In its third-quarter 2024 earnings report, Northland Power reported financial results that were impacted by challenges in its offshore wind facilities, including a significant cable outage at the Gemini project. Despite these setbacks, the company remains on track to meet its full-year guidance, supported by strong performance in the first half of the year. Key financial metrics for the quarter show a decrease in sales to $491 million from $513 million in 2023, a gross profit reduction to $444 million from $458 million, and a net loss of $191 million compared to a net income of $43 million in the same quarter of 2023. The company’s adjusted EBITDA decreased to $228 million from $267 million. Notably, Northland Power continues to advance its construction projects in Taiwan, Poland, and Canada, with significant progress reported for the Hai Long, Baltic Power, and Oneida projects. Looking ahead, Northland Power remains committed to operational excellence and pursuing growth opportunities in its core markets, with expectations for adjusted EBITDA and adjusted free cash flow per share to remain within the guidance range for 2024.
