- Capital Power (CPX) is on track to meet its 2020 financial guidance and is increasing its dividends
- During the quarter, the company generated C$91 million in net cash flows from operations and $97 million in adjusted funds from operations, in line with its previously announced guidance
- Due to the strong performance, Capital Power increased its quarterly dividend by 6.8 per cent for all common shares
- The company is also forging ahead with its Strathmore Solar project, with completion expected by early 2022
- Capital Power (CPX) is up 1.8 per cent and is trading at C$27.89 per share
Capital Power (CPX) is on track to meet its 2020 financial guidance and is increasing its dividends.
The energy retailer boasted solid figures in its latest quarterly report, as it was largely insulted from the impact of coronavirus and its associated government shutdowns.
The company’s net cashes flows from operations hit C$91 million for the quarter, with adjusted funds from operations totalling $97 million.
The company is on track to hit the midpoint of its 2020 guidance for EBITDA, net income and adjusted funds from operations, showing remarkable resilience given the recent volatility.
Due to the strong performance, Capital Power increased its quarterly dividend by 6.8 per cent for all common shares.
The company is also forging ahead with its Strathmore Solar project, which will add 40.5 megawatts to its production capacity. The project is the company’s first Solar project in Canada and is due to be completed in early 2022.
Alongside this, Capital has begun the third stage of construction at its Whitla Wind facility, which is expected to be completed in late 2021, netting the company an additional 54 megawatts of production potential.
Brian Vaasjo, President and CEO of Capital Power said the company’s financial results for the quarter were in line with management’s expectations.
“We continue to see minimal impact on our cash flow generation from COVID-19 given the strong operating performance of our facilities combined with a highly contracted and diversified portfolio of generation assets,” he said.
Capital Power (CPX) is trading up 1.8 per cent and is trading at $27.89 per share at 11:00 am EDT.