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OAKVILLE, Ontario - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN), a diversified utility company, has announced that Chief Financial Officer Darren Myers will be leaving the company. Myers, who has played a pivotal role in the company's strategic shift and the sale of its renewable energy division, will continue in his role until the fourth quarter 2024 results are reported.
Chris Huskilson, Chief Executive Officer of AQN, acknowledged Myers' contributions to the company's transformation into a pure-play regulated utility. Myers expressed pride in the company's progress towards a more streamlined focus on regulated utility services. The search for a new CFO will begin immediately, with Myers assisting in the transition. InvestingPro analysis indicates the company operates with a significant debt burden, with a debt-to-equity ratio of 1.61.
Algonquin Power & Utilities Corp., which operates as the parent company of Liberty, is engaged in the generation, transmission, and distribution of energy and water, serving over one million customer connections primarily in the United States and Canada.
The company has stated that Myers' departure is part of a forward-looking statement that involves inherent risks and uncertainties. It emphasizes that actual results may differ from expectations and that undue reliance should not be placed on these statements.
Algonquin Power & Utilities Corp. is publicly traded, with its common and preferred shares listed on the Toronto Stock Exchange and its common shares and subordinated notes listed on the New York Stock Exchange.
This news article is based on a press release statement from Algonquin Power & Utilities Corp.
In other recent news, Algonquin Power & Utilities Corp. reported a 1% revenue growth and a 4% increase in adjusted EBITDA for Q3 2024, despite a 5% decrease in adjusted net earnings. The company is undergoing a transition to a regulated utility model, which includes the planned sale of its renewables business, excluding the Hydro fleet, for up to $2.5 billion. Algonquin Power & Utilities Corp. also expressed support for Atlantica's strategic sale agreement, set to close later this year.
Three significant rate cases were filed, representing potential revenue increases of over $700 million. The company is focusing on operational streamlining and rate cases to drive long-term value and strategic simplification. The company's total debt stands at $8.7 billion, with anticipated net proceeds from the renewables sale between $1.7 and $1.8 billion.
Algonquin Power & Utilities Corp. plans to provide full-year 2025 guidance with Q4 results. The company's strategic simplification aims to enhance long-term value, with rate case submissions targeting a $1 billion milestone. The future of hydro assets is also under consideration, with a sale delayed to maximize value. These developments reflect Algonquin Power & Utilities Corp.'s commitment to operational efficiency and strategic asset management.
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