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NEW YORK -On Friday, Algonquin Power & Utilities Corp. (NYSE:AQN) reported fourth quarter results that fell short of analyst expectations.
The company’s shares were up 1.25% in premarket trading following the release.
The utility company posted adjusted earnings per share of $0.06 for Q4, missing the consensus estimate of $0.09. Revenue came in at $584.8 million, below the $643.7 million analysts were expecting.
Despite the earnings miss, Algonquin’s stock rose 1.25% following the release.
For the fourth quarter, net utility sales increased 8% YoY to $426.0 million. However, adjusted EBITDA declined 5% to $248.6 million compared to the same period last year.
The company’s Regulated Services Group, which includes its electric, water and gas utilities, saw a 2% increase in adjusted EBITDA to $234.4 million in Q4.
"The Company continued to make strides in its transition to a pure-play utility," said Chris Huskilson, Chief Executive Officer of Algonquin. "Over the last 90 days, we successfully completed our Renewables and Atlantica sales, and we enter 2025 with a recapitalized balance sheet and significant opportunity for improvement."
The company did not provide specific financial guidance for 2025 in its earnings release.
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