Mining & Metals
Algonquin Power & Utilities Posts Lower Q1 Adjusted Net Earnings YoY
Algonquin Power & Utilities' (AQN.TO) adjusted net earnings were slightly lower year over year, the company said Friday, but exceeded analyst estimates.Adjusted net earnings were US$99.6 million, or $0.13 per share, down from $109.0 million, or $0.14 per share. The result beat the earnings per share consensus estimate of $0.11 as compiled by FactSet.The company reported a 2.2% decline in net earnings in the Regulated Services Group segment at $119.4 million. Algonquin cited slightly unfavorable weather conditions and higher operating expenses, among other factors.The Hydro Group segment also fell to $2.1 million from $16.6 million, primarily due to income tax recovery as a result of the tax basis step-up from the Hydro Group's reorganization related to the sale of Algonquin's renewable energy business, excluding hydro.Additionally, during the first quarter, Algonquin received orders allowing for the resolution of rate cases at Empire Electric Missouri, CalPeco Electric and New England Gas and has filed a settlement agreement for the Litchfield Park Water & Sewer in Arizona.
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