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Algonquin Power & Utilities reports Q3 loss, cuts guidance for full year

The Canadian Press
Algonquin Power & Utilities reports Q3 loss, cuts guidance for full year

OAKVILLE, Ont. – Algonquin Power & Utilities Corp. reported a $195.2-million loss in its latest quarter and cut its financial guidance for the year.

The power utility, which keeps its books in U.S. dollars, says it lost 29 cents per share for the quarter ended Sept. 30 compared with a loss of US$27.9 million or five cents per share in the same quarter last year.

Revenue totalled US$666.7 million, up from US$528.6 million a year earlier.

On an adjusted basis, Algonquin says it earned 11 cents per share in its latest quarter compared with an adjusted profit of 15 cents per share in its third quarter of 2021.

In its outlook, the company says it now expects adjusted net earnings per share for 2022 in a range of 66 cents to 69 cents compared with earlier expectations for between 72 cents and 77 cents.

Algonquin says it updated its guidance due to higher interest rates and inflation, delays in the construction and completion of some of its renewable energy projects, and anticipated delays in connection with certain rate decisions.

© 2022 The Canadian Press

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