Algonquin Power & Utilities Corp. (TSX:) reported third-quarter 2019 earnings of 14 cents per share, beating the Zacks Consensus Estimate of 13 cents by 7.7%. Moreover, the reported earnings were 40% higher than the year-ago figure of 10 cents.
Total Revenues
Algonquin Power & Utilities generated total revenues of $365.6 million in third-quarter 2019, lagging the Zacks Consensus Estimate of $376 million by 2.8%. The top line also declined 0.2% from $366.2 million in the year-ago quarter.
Highlights of the Release
The Maverick Creek Wind Project joint venture between Algonquin Power & Utilities and Renewable Energy Systems Americas Inc. to develop the 480-megawatt Maverick Creek Wind Project located in Concho County, TX was formed during the third quarter. This will enable Algonquin Power & Utilities to enhance its renewable footprint.
Total expenses in the reported quarter were $281.3 million, on par with the year-ago figure.
Operating income in the reported quarter was $84.3 million, down 0.7% 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 HighlightsThe company’s cash and cash equivalents as of Sep 30, 2019 were $114.4 million compared with $46.8 million on Dec 31, 2018.
Its long-term debt as of Sep 30, 2019 was $4,276.6 million compared with $3,323.8 million on Dec 31, 2018.
Cash flow from operating activities at the end of the third quarter was $188.1 million compared with $131.5 million in the comparable year-ago period.
Capital expenditure in the first nine months of 2019 was $923.3 million compared with $951.5 million invested in the comparable year-ago period.
Other DevelopmentsJust after the end of the third quarter, the company acquired New Brunswick Gas and St. Lawrence Gas. The acquisition of these companies will increase customers of Algonquin Power & Utilities by 29,000.
GuidanceThe company expects 2019 capital spending within $1.4-$1.6 billion.
Zacks RankAlgonquin 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
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ALLETE, Inc. (NYSE:) came up with third-quarter 2019 adjusted earnings of 60 cents, which lagged the Zacks Consensus Estimate of 67 cents by 10.4%.
NorthWestern Corporation (NYSE:) reported third-quarter 2019 earnings of 50 cents per share, which lagged the Zacks Consensus Estimate of 63 cents by 20.6%.
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