- Algonquin Power & Utilities Corp. announced a Q4 2023 net income of US$186.3 million, after reporting a loss in the same period a year earlier
- For the quarter that ended in December 2023, the company posted US$666.9 million in revenue, down from US$748.0 million in 2022
- For the year, the utility operator reported US$2.7 billion in revenue. Net income was US$28.7 million, or 3 cents per share, moving to a profit in the period
- Algonquin Power & Utilities Corp. last traded at C$8.23 per share
Algonquin Power & Utilities Corp. (TSX:AQN) announced a Q4 2023 net income of US$186.3 million, after reporting a loss in the same period a year earlier.
For the quarter that ended in December 2023, the company posted US$666.9 million in revenue, down from US$748.0 million in the same quarter in 2022.
For the year, the utility operator reported US$2.7 billion in revenue. Net income was US$28.7 million, or 3 cents per share, moving to a profit in the period.
Earnings, adjusted for one-time gains and costs, were 16 cents per share, which exceeded Wall Street expectations of 14 cents per share. Last year, Algonquin saw a loss of US$74.4 million or 11 cents per share in net earnings attributable to shareholders.
Regulated services group revenue was US$564.9 million, down 11 per cent from US$636.6 million last while its renewable energy group revenue was US$82.1 million, down 7 per cent from US$88.6 million.
However, the Oakville, Ontario-based power company reported a more-than-doubled profit, despite the sag in revenue, and said that it expects 2024 to be a transition year as it looks to reposition the business.
Algonquin Power & Utilities Corp. is a Canadian renewable energy and regulated utility conglomerate that provides sustainable energy and water solutions through its portfolio of electric generation, transmission and distribution utility investments to more than 1 million customer connections, largely in the United States and Canada. The company is engaged in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities.
Algonquin Power & Utilities Corp. last traded at C$8.23 per share. Algonquin stock is up 5.92 per cent over the past month but is down 22.8 per cent since this time last year.
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