The earnings call reflects a strategic focus on transitioning to a pure-play regulated utility with significant progress in rate case filings and financial performance improvements. However, challenges such as higher operating expenses, regulatory lag, and increased debt levels highlight areas of concern.

Company Guidance

During the third quarter 2024 earnings call for Algonquin Power & Utilities Corp. (AQN.TO), the guidance provided focused extensively on the company's strategic transition into a pure-play regulated utility. Key metrics included the expected closure of Atlantica's strategic sale agreement by December 12, 2024, and the sale of the renewables business, excluding the hydro fleet, for up to $2.5 billion, with a closing timeframe in late 2024 or early 2025. Additionally, the hydro business represents an annual EBITDA run rate of approximately $25 million. The company is also involved in three significant rate cases: Empire Electric in Missouri, CalPeco in California, and Litchfield Park in Arizona. Empire Electric's rate case includes a $534 million rate base increase request, a 53.1% equity layer, and a 10% allowed return on equity, resulting in an approximately $92.1 million revenue requirement increase. CalPeco's filing seeks a $154 million rate base increase, based on a 52.5% equity layer and 11% return on equity, with a $39.8 million revenue requirement increase. Lastly, the Litchfield Park rate case aims to increase the rate base by approximately $85 million. These efforts, anticipated to conclude between 2025 and 2026, are expected to boost the authorized rate base by over $700 million, emphasizing Algonquin's focus on regulatory compliance and future growth.

Strategic Transition to Pure-Play Regulated Utility

Algonquin Power & Utilities Corp. is progressing towards becoming a pure-play regulated utility, with plans to sell its renewables business for up to $2.5 billion.

Successful Rate Case Filings

Filed rate cases for Empire Electric in Missouri and CalPeco in California, seeking significant revenue increases based on new rate base and equity layers.

Financial Performance Growth

Year-over-year growth in revenue and adjusted EBITDA of 1% and 4%, respectively, driven by new rates across several regulated business segments.

Positive Rate Case Resolution

Received final order for New York water utility authorizing a $38.6 million increase in revenues over a 3-year rate plan.

Deleveraging and Financial Flexibility

Expected net proceeds of $1.7 billion to $1.8 billion from renewable sale to be used for deleveraging, enhancing financial flexibility.

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Algonquin Power & Utilities (TSE:AQN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:AQN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 27, 2025	2024 (Q4)	0.12 / -	0.16	―	―	―
Nov 07, 2024	2024 (Q3)	0.13 / 0.12	0.158	-27.27% (-0.04)
Aug 09, 2024	2024 (Q2)	0.12 / 0.13	0.115	12.50% (+0.01)
May 10, 2024	2024 (Q1)	0.22 / 0.20	0.245	-17.65% (-0.04)
Mar 08, 2024	2023 (Q4)	0.20 / 0.23	0.317	-27.27% (-0.09)
Nov 10, 2023	2023 (Q3)	0.17 / 0.16	0.158	0.00% (0.00)
Aug 10, 2023	2023 (Q2)	0.15 / 0.12	0.23	-50.00% (-0.12)
May 11, 2023	2023 (Q1)	0.24 / 0.24	0.302	-19.05% (-0.06)
Mar 17, 2023	2022 (Q4)	0.28 / 0.32	0.302	4.76% (+0.01)
Nov 11, 2022	2022 (Q3)	0.24 / 0.16	0.216	-26.67% (-0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TSE:AQN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 07, 2024	C$6.61	C$6.66	+0.76%
Aug 09, 2024	C$8.39	C$7.33	-12.60%
May 10, 2024	C$8.96	C$8.71	-2.81%
Mar 08, 2024	C$7.84	C$8.23	+4.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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