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OAKVILLE, Ontario - On Friday, Algonquin Power & Utilities Corp. (NYSE:AQN) reported second quarter adjusted earnings that met analyst expectations, as the utility company continues its transformation into a "premier pure-play regulated utility."
The company’s shares edged up 1.01% in pre-market trading following the announcement.
The company reported adjusted earnings per share of $0.04 for the second quarter, matching analyst estimates. Revenue in the Regulated Services Group, AQN’s primary business unit, saw a slight 2% year-over-year decrease in net earnings, as positive contributions from approved rate implementations were offset by weather normalization and the absence of one-time benefits from the prior year.
"Our second quarter results reflect continued execution, and we remain on track to meet our previously-disclosed financial outlook for 2025," said Rod West, Chief Executive Officer of AQN. "We are equally pleased to see the beginnings of positive impacts of our disciplined approach to spending."
The company’s Corporate Group segment was negatively impacted by the sale of its ownership stake in Atlantica Sustainable Infrastructure, though this was partially offset by interest expense reductions from debt repayment using the sale proceeds. Meanwhile, the Hydro Group saw a 176% increase in net earnings.
In June, AQN outlined its "Back to Basics" utility-focused capital plan aimed at improving customer experience, driving operational efficiencies, and achieving constructive regulatory outcomes. The company expects adjusted earnings per share to range from $0.30-$0.32 for 2025, $0.35-$0.37 for 2026, and $0.42-$0.46 for 2027.
AQN plans approximately $2.5 billion in utility capital expenditures through 2027 and does not anticipate needing common equity financings during this period, while maintaining its BBB investment grade ratings.
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