Algonquin Power & Utilities plunges on Q3 profit miss

Algonquin Power & Utilities

11/11/2022 18:11

** Algonquin Power & Utilities Corp's shares  AQN.TO  drop
18.3% to C$12.50 - hitting an over 4-year low
    ** AQN reports Q3 adjusted earnings of 11 cents/shr, missing
analysts' avg. expectation by 6 cents  urn:newsml:reuters.com:*:nL8N3275D6
    ** Quarterly net loss widens to $195.2 mln from $27.9 mln
last year
    ** Co cuts its adjusted profit estimate for the year to
$0.66 - $0.69 from $0.72 - $0.77 
    ** "It was a challenging third quarter... Our results for
the quarter came in below our expectations and were negatively
impacted by increasing interest rates and the timing of tax
incentives related to certain renewable energy projects," said
Chief Executive Officer Arun Banskota
    ** Including session losses, company's shares down 32% YTD
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))