Earnings ·
Reports Q3 net loss attributable to common shareholders of $14.5 million, or $0.07 per share
AGQPFAlgonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. reported a third-quarter net loss attributable to common shareholders of $14.5 million, or $0.07 per share, compared to a net income of $36.2 million in the prior-year period. Revenue increased 10% to $642.5 million, driven by rate implementations and favorable weather at Empire District Electric. The decline in earnings was primarily due to a $31.0 million drop in Regulated Services Group net earnings, caused by higher interest expenses from debt refinancing, non-recoverable costs related to the Mountain View Fire, and losses on assets held for sale from the Chilean utility divestiture. Adjusted Net Earnings per share rose 22% to $0.11. The company operates regulated electric, natural gas, water, and wastewater utilities in North America.