- Algonquin Power & Utilities Corp AQN reported a Q1 2023 revenue increase of 6% Y/Y to $778.6 million, beating the consensus of $753.2 million.
- Adjusted EBITDA rose 3% Y/Y to $341.0 million.
- Adjusted EPS of $0.17 beat the consensus of $0.16.
- Operating profit for the Regulated Services Group rose to $255.3 million from $231.2 million a year ago, led by new rates at several utilities, especially Empire Electric and Park Water systems.
- Excluding Hypothetical Liquidation at Book Value (HLBV) income, operating profit for the Renewable Energy Group remained broadly flat Y/Y.
- Total operating profit for the Renewable Energy Group declined to $106.5 million, reflecting lower HLBV income and lower production from renewable assets.
- Adjusted funds from operations fell 4% Y/Y to $210.9 million.
- Cash provided by operating activities declined 79% Y/Y to $34.2 million.
- Dividend: AQN declared a Q2 2023 dividend per share of $0.1085, payable on July 14, 2023, to the shareholders of record as on June 30, 2023.
- 2023 Outlook Reaffirmed: AQN expects adjusted EPS of $0.55-$0.61 versus consensus of $0.58.
- The company expects capital investments of around $1 billion following the Kentucky Power Transaction Termination.
- "In our regulated business, we achieved an increased operating profit reflecting planned execution and constructive rate case outcomes. In our renewables business, we advanced our project pipeline and achieved overall financial performance consistent with our expectations," commented Arun Banskota, President and CEO.
- Price Action: AQN shares are trading lower by 2.52% at $8.72 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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