Algonquin Power falls on delayed 2024 forecast amid planned asset sale

Algonquin Power & Utilities

08/03/2024 12:35

** U.S.-listed shares of Algonquin Power & Utilities Corp
 AQN.TO   AQN.N  down ~2% at $5.99 premarket 
    ** Co not providing 2024 estimates due to uncertainty
regarding the planned sale of its renewable energy business
    ** In August 2023, co announced CEO's resignation following
push for changes from activist firms including Corvex Management
and Starboard Value 
    ** AQN, however, beats fourth-quarter profit and revenue
estimates
    ** Posts Q4 adj. EPS of 16 cents/shr vs est. of 15
cents/shr, Q4 revenue of $666.9 mln vs est. of $652.9 mln per -
LSEG data
    ** Up to last close, U.S.-listed shares of AQN were down ~6%
YTD

 (Reporting by Roshia Sabu in Bengaluru)
 ((Roshia.Sabu@thomsonreuters.com))