Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Algonquin Power & Utilities (AQN) Q2 Earnings Miss Estimates

ByZacks Investment Research
Published 08/09/2019, 07:36 AM
Updated 07/09/2023, 06:31 AM

Algonquin Power & Utilities Corp. (TSX:AQN) reported second-quarter 2019 earnings of 11 cents per share, lagging the Zacks Consensus Estimate of 13 cents by 15.4%. The reported earnings were on par with the year-ago figure.

Total Revenues

Algonquin Power & Utilities generated total revenues of $343.6 million in second-quarter 2019, lagging the Zacks Consensus Estimate of $372 million by 7.6%. The top line also declined 6% from $366.1 million in the year-ago quarter.

Highlights of the Release

During the quarter, the company entered into an agreement to acquire Bermuda Electric Light Company, the sole provider of regulated electrical generation, transmission and distribution services to nearly 63,000 residents and businesses in Bermuda. This acquisition is expected to close by the end of this year.

Total expenses in the reported quarter were $281.1 million, down 3.4% from the year-ago level due to lower operating expenses, and decline in the cost of water, gas and electricity purchased.

Operating income in the reported quarter was $62.9 million, down 16.9% year over year.

Algonquin Power & Utilities Corp. Price, Consensus and EPS Surprise

Algonquin Power & Utilities Corp. price-consensus-eps-surprise-chart | Algonquin Power & Utilities Corp. Quote

Financial Highlights

The company’s cash and cash equivalents as of Jun 30, 2019 were $65.4 million compared with $46.8 million on Dec 31, 2018.

Its long-term debt as of Jun 30, 2019 was $3,773.5 million compared with $3,323.8 million on Dec 31, 2018.

Cash flow from operating activities at the end of the second quarter was $133.6 million compared with $133.3 million in the comparable year-ago period.

Capital expenditure in the second quarter was $316 million compared with $99.5 million invested in the year-ago period.

Guidance

The company expects 2019 spending within $1.5-$1.7 billion.

Zacks Rank

Algonquin Power & Utilities currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Utility Releases

DTE Energy Company (NYSE:DTE) reported second-quarter 2019 operating earnings per share of 99 cents, which missed the Zacks Consensus Estimate of $1.09 by 9.2%.

Xcel Energy Inc. (NASDAQ:XEL) posted second-quarter 2019 operating earnings of 46 cents per share, which lagged the Zacks Consensus Estimate of 53 cents by 13.2%.

CMS Energy Corp. (NYSE:CMS) reported second-quarter 2019 adjusted earnings per share of 33 cents, which missed the Zacks Consensus Estimate of 44 cents by 25%.

Wall Street’s Next Amazon (NASDAQ:AMZN)

Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.

Click for details >>

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .


CMS Energy Corporation (CMS): Free Stock Analysis Report

DTE Energy Company (DTE): Free Stock Analysis Report

Xcel Energy Inc. (XEL): Free Stock Analysis Report

Algonquin Power & Utilities Corp. (AQN): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.