Algonquin Power's net profit grows in Q3

Canadian renewable energy company Algonquin Power & Utilities (TSX:AQN) on Thursday posted a third-quarter net profit attributable to shareholders of USD 57.9 million (EUR 51.3m), rising from USD 47.7 million a year back.

The company earlier this year became the largest shareholder of Spain’s Atlantica Yield Plc (NASDAQ:AY), a yieldco vehicle with 1.44 GW of renewables in operation. It said in a press release that the third-quarter results demonstrate the benefits of its “diversified portfolio of regulated utility operations augmented with long term contracted electric generating facilities". On an adjusted basis, net profit declined by 4% on the year to USD 49.7 million.

Adjusted funds from operations (FFO) improved by 22% to USD 127.7 million and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 4% to USD 164.2 million. Revenues also gained 4%, coming at USD 366.5 million.

More details about the company’s third-quarter and January-September performance can be seen in the table below.

The company will distribute a quarterly dividend for October-December of USD 0.1282 per common share. The allocation will be paid out on January 15, 2019 to shareholders of record on December 31, 2018.

In addition to renewable energy assets, Algonquin also provides water, natural gas and power generation, transmission and distribution services through its units Liberty Power and Liberty Utilities. Since March, the Canadian group is the largest shareholder of Atlantica Yield with a stake of 25%, while in April it was announced that Algonquin had agreed to buy an additional 16.5% interest in the yieldco.

As of September, the Canadian company owns or has interests in about 1.7 GW of wind, solar and hydropower plants.

(USD 1.0 = EUR 0.886)

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