Canada's Algonquin Power Q3 profit rises on favourable weather, rate hikes

Algonquin Power & Utilities

Today 11:44

Overview
Canada utility operator's Q3 adjusted EPS rose yr/yr to $0.11
Company completed sale of Chilean water utility, advancing portfolio simplification
Q3 results affected by one-time costs, higher interest, and increased operating expenses

Outlook
Company did not provide specific financial guidance for the current quarter or full year in its press release

Result Drivers
FAVOURABLE WEATHER - Co said Q3 results benefited from $20.4 mln favourable weather impact vs prior yr
APPROVED RATE INCREASES - Implementation of approved rates, including CalPeco and Empire Electric Missouri, contributed $11.4 mln to Q3 results
ONE-TIME COSTS - Q3 results affected by $35.4 mln in one-time items, mainly non-recoverable costs and accruals related to Mountain View Fire and loss on Suralis assets

Company press release: ID:nBw4N1HJKa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
 
$0.11
 
Q3 Adjusted Net Income
 
$88.10 mln
 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)