Algonquin Power and Utilities reports Q4 profit as revenue falls from year ago mark

OAKVILLE, Ont. — Algonquin Power and Utilities Corp. reported a profit in its latest quarter compared with a loss a year earlier as its revenue fell 11 per cent.

The company, which keeps its books in U.S. dollars, reported a profit attributable to shareholders of US$186.3 million or 27 cents per share for the quarter ended Dec. 31.

The result compared with a loss of US$74.4 million or 11 cents per share in the last three months of 2022.

Revenue totalled US$666.9 million for the quarter, down from US$748.0 million a year earlier.

The drop came as Algonquin says its regulated services group revenue amounted to US$564.9 million, down from US$636.6 million a year earlier, while its renewable energy group revenue totalled $82.1 million, down from $88.6 million.

On an adjusted basis, Algonquin says it earned 16 cents per share, up from an adjusted profit of 14 cents per share in the same quarter a year earlier.

"2023 was a decision year for the company, with the termination of the Kentucky Power transaction and announcement of the planned refocusing of the company, including the proposed sale of our renewables business," Chris Huskilson, Algonquin's interim chief executive, said in a statement.

"We expect 2024 to be a transition year as we seek to reposition the Company towards a more efficient operating profile and a renewed strategy for the future."

This report by The Canadian Press was first published March 8, 2024.

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The Canadian Press