Algonquin Power & Utilities slumps on profit miss, forecast cut

Algonquin Power & Utilities

11/11/2022 13:37

** U.S.-listed shares of Canadian firm Algonquin Power &
Utilities Corp  AQN.TO ,  AQN.N  fall 4.9% to $10.95 in
premarket trade 
    ** Co reports Q3 adj earnings of $0.11/shr, missing the
average analysts' estimate of $0.17/shr - Refinitiv  urn:newsml:reuters.com:*:nTUA8DV7CK
    ** AQN also lowers FY 2022 adj net earnings per common share
forecast
    ** "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," says CEO Arun Banskota
    ** Credit Suisse says the profit miss and forecast cut are
"not as bad as it appears", reiterates "outperform" rating  
    ** Up to last close, stock down ~20.4% YTD
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))