November 7 (Renewables Now) - The net profit of Canadian power producer Northland Power Inc (TSE:NPI) has increased by 19% year-on-year to CAD 111 million (USD 84.2m/EUR 76m) in the third quarter of 2019.
The company attributed the improvement in profits to an 11% rise in gross profit to CAD 356 million. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed by 14% to CAD 224 million. In offshore wind, adjusted EBITDA went up by 25% to CAD 139 million because of higher sales and lower plant operating costs.
Below you can find more details about Northland Power’s financial performance in the third quarter and first nine months of 2019.
|Figures in CAD, unless otherwise noted||Q3 2019||Q3 2018||9-mo 2019||9-mo 2018|
|Free cash flow||74.1m||63.9m||251.1m||249m|
|Electricity generation (GWh)||2,058||1,777||6,394||5,895|
Mike Crawley, president and CEO of Northland, described the company’s financial results as healthy and sustainable. However, because of its year-to-date results including lower than forecast offshore wind production, Northland has narrowed its forecast for full-year 2019 adjusted EBITDA and now expects a range of CAD 950 million to CAD 1 billion rather than CAD 920 million-1.01 billion.
Also, the company has revised down the projected 2020 contribution to adjusted EBITDA by the Deutsche Bucht offshore wind farm to between EUR 155 million (USD 171.6m) and EUR 175 million rather than EUR 165 million-185 million. That is because the industry expects unpaid curtailments to continue next year.
(CAD 1.0 = USD 0.759/EUR 0.685)
(EUR 1.0 = USD 1.107)