Algonquin Power & Utilities Corp. Announces 2024 Third Quarter Financial Results
Algonquin Power & Utilities (AQN) reported Q3 2024 financial results showing mixed performance. Net Utility Sales reached $442.9 million, up 6%, and Adjusted EBITDA increased 4% to $264.4 million. However, Adjusted Net Earnings decreased 5% to $64.9 million, with earnings per share dropping 20% to $0.08. The company announced progress in its strategic transition, including the sale of its renewables business to LS Power for up to $2.5 billion. Notable developments include new rate case filings, with CalPeco Electric seeking a $39.8 million revenue increase and Empire Electric requesting $92.1 million in Missouri.
Algonquin Power & Utilities (AQN) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando una performance mista. Le vendite nette di servizi pubblici hanno raggiunto 442,9 milioni di dollari, in aumento del 6%, e l'EBITDA rettificato è aumentato del 4% a 264,4 milioni di dollari. Tuttavia, gli utili netti rettificati sono diminuite del 5% a 64,9 milioni di dollari, con gli utili per azione in calo del 20% a 0,08 dollari. L'azienda ha annunciato progressi nella sua transizione strategica, compresa la vendita della sua attività nel settore delle energie rinnovabili a LS Power per un massimo di 2,5 miliardi di dollari. Sviluppi significativi includono nuove cause rateali, con CalPeco Electric che richiede un aumento delle entrate di 39,8 milioni di dollari e Empire Electric che richiede 92,1 milioni di dollari nel Missouri.
Algonquin Power & Utilities (AQN) informó los resultados financieros del tercer trimestre de 2024, mostrando un desempeño mixto. Las ventas netas de servicios públicos alcanzaron $442.9 millones, un aumento del 6%, y el EBITDA ajustado aumentó un 4% a $264.4 millones. Sin embargo, las ganancias netas ajustadas disminuyeron un 5% a $64.9 millones, con las ganancias por acción cayendo un 20% a $0.08. La compañía anunció avances en su transición estratégica, incluida la venta de su negocio de energías renovables a LS Power por hasta $2.5 mil millones. Los desarrollos notables incluyen nuevas presentaciones de casos de tarifas, con CalPeco Electric solicitando un aumento de ingresos de $39.8 millones y Empire Electric pidiendo $92.1 millones en Missouri.
Algonquin Power & Utilities (AQN)은 2024년 3분기 재무 결과를 발표하며 혼합된 성과를 보였습니다. 유틸리티 매출은 4억 4천 2백 90만 달러에 도달하였으며, 6% 증가했으며, 조정된 EBITDA는 2억 6천 4백 40만 달러로 4% 증가했습니다. 그러나 조정된 순익은 6490만 달러로 5% 감소하였고, 주당순익은 20% 감소하여 0.08달러가 되었습니다. 회사는 LS Power에 최대 25억 달러에 재생 가능 에너지 사업을 판매하는 등 전략적 전환에서 진전을 발표했습니다. 주목할 만한 발전으로는 CalPeco Electric이 3980만 달러의 수익 증가를 요구하고, Empire Electric이 미주리에서 9210만 달러를 요청하는 새로운 요금 사건 접수가 포함됩니다.
Algonquin Power & Utilities (AQN) a publié les résultats financiers du troisième trimestre 2024, montrant des performances mixtes. Les ventes nettes des services publics ont atteint 442,9 millions de dollars, en hausse de 6%, et l'EBITDA ajusté a augmenté de 4% pour atteindre 264,4 millions de dollars. Cependant, les bénéfices nets ajustés ont diminué de 5% à 64,9 millions de dollars, avec un bénéfice par action en baisse de 20% à 0,08 dollar. L'entreprise a annoncé des progrès dans sa transition stratégique, notamment la vente de son activité d'énergies renouvelables à LS Power pour un montant pouvant atteindre 2,5 milliards de dollars. Parmi les développements notables, on compte de nouveaux dépôts de demandes tarifaires, CalPeco Electric recherchant une augmentation de revenus de 39,8 millions de dollars et Empire Electric demandant 92,1 millions de dollars dans le Missouri.
Algonquin Power & Utilities (AQN) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und zeigt eine gemischte Leistung. Die Nettoumsätze im Geschäftsbereich Utilities beliefen sich auf 442,9 Millionen Dollar, was einem Anstieg von 6% entspricht, und das bereinigte EBITDA stieg um 4% auf 264,4 Millionen Dollar. Allerdings sanken die bereinigten Nettogewinne um 5% auf 64,9 Millionen Dollar, wobei der Gewinn pro Aktie um 20% auf 0,08 Dollar zurückging. Das Unternehmen gab Fortschritte in seinem strategischen Wandel bekannt, einschließlich des Verkaufs seines Geschäftsfeldes für erneuerbare Energien an LS Power für bis zu 2,5 Milliarden Dollar. Zu den bemerkenswerten Entwicklungen gehören neue Anträge auf Tarifänderungen, bei denen CalPeco Electric eine Umsatzsteigerung von 39,8 Millionen Dollar anstrebt und Empire Electric 92,1 Millionen Dollar in Missouri beantragt.
- Net Utility Sales increased 6% to $442.9 million
- Adjusted EBITDA grew 4% to $264.4 million
- Strategic sale of renewables business for up to $2.5 billion
- New York Water settlement approved with $38.6 million revenue increase
- Three rate cases filed could add over $700 million to rate base
- Adjusted Net Earnings decreased 5% to $64.9 million
- Adjusted EPS declined 20% to $0.08
- Net loss of $1.3 billion including discontinued operations
- Cash from operations decreased 50% to $66.7 million
- Dividend per share reduced by 40% to $0.0650
Insights
The Q3 2024 results show mixed performance with some concerning trends. Net utility sales grew by
Most concerning is the massive net loss of
The strategic transition to a regulated utility model shows progress with new rate cases that could add over
Making progress in strategic transition to regulated utility
"We continue to hit key milestones on our journey towards a simpler and more focused regulated business," said Chris Huskilson, Chief Executive Officer of AQN. "These successes include the announced sales of our renewables business and Atlantica ownership stake, completion of the rollout of our new IT platform, appointment of new corporate leadership, the simplification of our capital structure, and recent rate case filings to improve our earned returns. In all, we are proud of the progress we have made, though this is a multi-year journey and there is still much work to be done. We are committed to serving our customers and producing an appropriate return on our investments and we are confident we are on the right path to do so."
Third Quarter 2024 Financial Results for Continuing Operations1
- Net Utility Sales2 of
, an increase of$442.9 million 6% ; - Adjusted EBITDA2 of
, an increase of$264.4 million 4% ; - Adjusted Net Earnings2 of
, a decrease of$64.9 million 5% ; and - Adjusted Net Earnings2 per common share of
, a decrease of$0.08 20% , in each case on a year-over-year basis.
All amounts in | Three months ended September 30 | Nine months ended | ||||
2024 | 2023 | Change | 2024 | 2023 | Change | |
Revenue3 | $ 573.2 | 1 % | (5) % | |||
Regulated Services Group Revenue | 563.9 | 555.9 | 1 % | 1,705.8 | 1,790.5 | (5) % |
Hydro Group Revenue | 8.9 | 8.5 | 4 % | 28.0 | 26.7 | 5 % |
Corporate Group Revenue | 0.4 | 0.4 | — | 1.0 | 1.1 | (9) % |
Net earnings (loss) attributable to shareholders from continuing operations | 49.5 | (174.9) | 128 % | 172.9 | (184.3) | 194 % |
Per common share from continuing operations | 0.06 | (0.26) | 123 % | 0.23 | (0.28) | 182 % |
Net earnings (loss) attributable to shareholders including discontinued operations | (1,305.7) | (174.5) | (648) % | (1,194.1) | (157.6) | (657) % |
Per common share including discontinued operations | (1.71) | (0.26) | (556) % | (1.67) | (0.24) | (596) % |
Cash provided by operating activities | 66.7 | 132.6 | (50) % | 433.6 | 427.3 | 1 % |
Adjusted Net Earnings2 | 64.9 | 68.6 | (5) % | 186.8 | 198.2 | (6) % |
Per common share | 0.08 | 0.10 | (20) % | 0.25 | 0.28 | (11) % |
Adjusted EBITDA2 | 264.4 | 254.9 | 4 % | 790.5 | 751.4 | 5 % |
Adjusted EBITDA2 for Regulated Services Group | 236.2 | 228.7 | 3 % | 706.0 | 674.0 | 5 % |
Adjusted EBITDA2 for Hydro Group | 7.1 | 6.5 | 9 % | 21.0 | 19.5 | 8 % |
Adjusted EBITDA2 for Corporate Group | 21.1 | 19.7 | 7 % | 63.5 | 57.9 | 10 % |
Adjusted Funds from Operations2 | 143.3 | 146.8 | (2) % | 434.1 | 433.5 | — |
Dividends per common share | 0.0650 | 0.1085 | (40) % | 0.2820 | 0.3255 | (13) % |
Long-term Debt | 7,475.7 | 7,500.2 | — | 7,475.7 | 7,500.2 | — |
1 | AQN's operations are now organized across three business units consisting of: the Regulated Services Group, which primarily owns and operates a portfolio of regulated electric, water distribution and wastewater collection and natural gas utility systems and transmission operations in |
2 | Please refer to "Non-GAAP Measures" below for further details. |
3 | Discontinued Operations Revenue for the three months and nine months ended September 30, 2024 totaled |
Third Quarter 2024 Operational Results and Corporate Actions
- Regulated Services Group saw growth from implementation of new rates, offset by higher depreciation, higher financing costs and greater share count - The Regulated Services Group recorded third quarter year-over-year growth in Adjusted EBITDA of
3% (see "Non-GAAP Measures" below), due to the implementation of new rates, most notably at theBermuda , CalPeco, Empire Arkansas Electric utilities, and New York Water utility. New rates were more than offset by higher operating expenses, and depreciation. Additionally, the June, 17 2024 settlement of share purchase contracts related to AQN's green equity units drove a higher year-over-year share count. - New York Water settlement approval constructively concludes first rate case since acquisition – On August 15, 2024, the New York Public Service Commission issued an order authorizing a
increase in revenues over a three-year rate plan for the Company's New York Water utility, and including a$38.6 million 9.1% allowed return on equity and48% equity ratio. New rates became effective September 1, 2024, and are being collected retroactive to April 1, 2024. - Upcoming rate cases mark meaningful steps toward closing earned return gap – On September 20, 2024, the Company filed a rate case for its CalPeco Electric utility, seeking an increase in revenues of
based on a return on equity of$39.8 million 11.0% , an equity ratio of52.5% , and additions to rate base of approximately through the end of 2025. Additionally, on November 6, 2024, the Company filed a rate case for its Empire Electric utility in$150 million Missouri , requesting .1 million in revenue increases and predicated on a$92 10.0% allowed return on equity. The rate case, if approved, would increase rate base by approximately . Separately, the Company also expects to file a rate case for its Litchfield Park Water utility in$534 million Arizona in the first half of 2025. The three rate cases combined, if resolved in accordance with the Company's expectations, would comprise over of the capital already invested by the Company but not yet reflected in rates. Reducing regulatory lag continues to be a core objective of AQN.$700 million - Announced sale agreement of Renewable Energy Business – On August 9, 2024, the Company entered into an agreement to sell its renewable energy business, excluding hydro, to a wholly-owned subsidiary of LS Power for total cash consideration of up to
(subject to certain closing adjustments). The Company has reclassified its renewable energy business, excluding hydro, as "discontinued operations".$2.5 billion
AQN's unaudited interim consolidated financial statements for the three and nine months ended September 30, 2024 and management discussion and analysis for the three and nine months ended September 30, 2024 (the "Interim MD&A") will be available on its website at www.AlgonquinPower.com and in its corporate filings on SEDAR+ at www.sedarplus.com (for Canadian filings) and EDGAR at www.sec.gov/edgar (for
Earnings Conference Call
AQN will hold an earnings conference call at 10:00 a.m. eastern time on Thursday, November 7, 2024, hosted by Chief Executive Officer, Chris Huskilson, and Chief Financial Officer, Darren Myers.
Date: | Thursday, November 7, 2024 | |
Time: | 10:00 a.m. ET | |
Conference Call: | Toll Free Dial-In Number | 1 (800) 715-9871 |
Toll Dial-In Number | 1 (647) 932-3411 | |
Conference ID | 7888098 | |
Webcast: | https://edge.media-server.com/mmc/p/eoi9utr9 | |
Presentation also available at: www.algonquinpower.com |
About Algonquin Power & Utilities Corp. and Liberty
Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately
Visit AQN at www.algonquinpower.com and follow us on X.com @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of
Explanatory Note
The term "rate base" is used in this document. Rate base is a measure specific to rate-regulated utilities that is not intended to represent any financial measure as defined by
Non-GAAP Measures
AQN uses a number of financial measures to assess the performance of its business lines. Some measures are calculated in accordance with generally accepted accounting principles in
The terms "Adjusted Net Earnings", "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization" (or "Adjusted EBITDA"), "Adjusted Funds from Operations", and "Net Utility Sales", which are used in this news release, are non-GAAP financial measures. An explanation of each of these non-GAAP financial measures can be found in the section titled "Caution Concerning Non-GAAP Measures" in the Interim MD&A, which section is incorporated by reference into this news release, and a reconciliation to the most directly comparable
Reconciliation of AQN Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to AQN Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
Three months ended | Nine months ended | ||||||
September 30 | September 30 | ||||||
(all dollar amounts in $ millions) | 2024 | 2023 | 2024 | 2023 | |||
Net earnings (loss) attributable to shareholders | |||||||
Add (deduct): | |||||||
Net earnings attributable to the non-controlling interest, exclusive of HLBV | 0.8 | 7.0 | 4.2 | 26.1 | |||
Loss from discontinued operations, net of tax | 1,335.2 | (0.4) | 1,367.0 | (26.6) | |||
Income tax expense (recovery) | 6.4 | (40.8) | 33.3 | (50.0) | |||
Interest expense | 91.4 | 81.6 | 274.1 | 232.7 | |||
Other net losses1 | 9.5 | 74.2 | 19.9 | 111.4 | |||
Pension and post-employment non-service costs | 3.0 | 4.9 | 10.4 | 15.2 | |||
Change in value of investments carried at fair value2 | (1.6) | 212.4 | (23.7) | 332.8 | |||
Gain on derivative financial instruments | (0.3) | (0.7) | (0.5) | (3.9) | |||
Loss on foreign exchange | 6.3 | 2.9 | 3.8 | 8.3 | |||
Depreciation and amortization | 99.4 | 88.3 | 296.1 | 263.0 | |||
Adjusted EBITDA | $ 264.4 | $ 790.5 |
1 | See Note 15 in the unaudited interim condensed consolidated financial statements. |
2 | See Note 6 in the unaudited interim condensed consolidated financial statements. |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
Three months ended | Nine months ended | ||||||
September 30 | September 30 | ||||||
(all dollar amounts in $ millions except per share information) | 2024 | 2023 | 2024 | 2023 | |||
Net earnings (loss) attributable to shareholders | $ (174.5) | $ (157.6) | |||||
Add (deduct): | |||||||
Loss (Earnings) from discontinued operations | 1,355.2 | (0.4) | 1,367.0 | (26.6) | |||
Gain on derivative financial instruments | (0.3) | (0.7) | (0.5) | (3.9) | |||
Other net losses1 | 9.5 | 74.2 | 19.9 | 111.4 | |||
Loss on foreign exchange | 6.3 | 2.9 | 3.8 | 8.3 | |||
Change in value of investments carried at fair value2 | (1.6) | 212.4 | (23.7) | 332.8 | |||
Adjustment for taxes related to above | 1.5 | (45.3) | 14.4 | (66.2) | |||
Adjusted Net Earnings | $ 64.9 | $ 68.6 | $ 186.8 | $ 198.2 | |||
Adjusted Net Earnings per common share | $ 0.08 | $ 0.10 | $ 0.25 | $ 0.28 |
1 | See Note 15 in the unaudited interim condensed consolidated financial statements. |
2 | See Note 6 in the unaudited interim condensed consolidated financial statements. |
Reconciliation of Adjusted Funds from Operations to Cash Provided by Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to cash provided by operating activities in accordance with
The following table shows the reconciliation of cash provided by operating activities to Adjusted Funds from Operations exclusive of these items:
Three months ended | Nine months ended | ||||||
September 30 | September 30 | ||||||
(all dollar amounts in $ millions) | 2024 | 2023 | 2024 | 2023 | |||
Cash provided by operating activities | $ 66.7 | $ 132.6 | $ 433.6 | $ 427.3 | |||
Add (deduct): | |||||||
Cash provided (used in) operating activities of discontinued | (2.7) | (42.6) | (79.5) | (78.7) | |||
Changes in non-cash operating items for continuing and | 70.6 | 34.8 | 54.6 | 88.1 | |||
Changes in non-cash operating items from discontinued | 8.7 | 22.0 | 23.4 | (3.2) | |||
Production based cash contribution from non-controlling | — | — | 2.0 | — | |||
Adjusted Funds from Operations | $ 143.3 | $ 146.8 | $ 433.5 |
Reconciliation of Regulated Services Group Adjusted EBITDA to Operating Income
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Regulated Services Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
Three months ended | Nine months ended | ||||||
September 30 | September 30 | ||||||
(all dollar amounts in $ millions) | 2024 | 2023 | 2024 | 2023 | |||
Revenue | |||||||
Regulated electricity distribution | $ 361.4 | $ 354.3 | $ 971.5 | $ 998.5 | |||
Less: Regulated electricity purchased | (100.9) | (110.1) | (280.6) | (334.0) | |||
Net Utility Sales – electricity1 | 260.5 | 244.2 | 690.9 | 664.5 | |||
Regulated gas distribution | 65.7 | 73.0 | 393.9 | 453.7 | |||
Less: Regulated gas purchased | (13.2) | (21.6) | (132.1) | (195.5) | |||
Net Utility Sales – natural gas1 | 52.5 | 51.4 | 261.8 | 258.2 | |||
Regulated water reclamation and distribution | 124.3 | 115.3 | 302.1 | 298.6 | |||
Less: Regulated water purchased | (6.8) | (5.9) | (15.0) | (13.6) | |||
Net Utility Sales – water reclamation and distribution1 | 117.5 | 109.4 | 287.1 | 285.0 | |||
Other revenue2 | 12.4 | 13.2 | 38.3 | 39.8 | |||
Net Utility Sales1,3 | 442.9 | 418.2 | 1,278.1 | 1,247.5 | |||
Operating expenses | (231.3) | (209.6) | (654.6) | (635.3) | |||
Income from long-term investments | 7.7 | 13.7 | 23.1 | 33.3 | |||
HLBV4 | 16.9 | 6.4 | 59.4 | 28.5 | |||
Adjusted EBITDA 1,5 | $ 236.2 | $ 228.7 | $ 706.0 | $ 674.0 |
1 | See Caution Concerning Non-GAAP Measures. |
2 | See Note 17 in the unaudited interim condensed consolidated financial statements. |
3 | This table contains a reconciliation of Net Utility Sales to revenue. The relevant sections of the table are derived from and should be read in conjunction with the unaudited interim condensed consolidated statement of operations and Note 17 in the unaudited interim condensed consolidated financial statements, "Segmented Information". This supplementary disclosure is intended to more fully explain disclosures related to Net Utility Sales and provides additional information related to the operating performance of the Regulated Services Group. Investors are cautioned that Net Utility Sales should not be construed as an alternative to revenue. |
4 | Hypothetical Liquidation at Book Value ("HLBV") income represents the value of net tax attributes monetized by the Regulated Services Group in the period at the Luning and Turquoise Solar Facilities and the Neosho Ridge, |
5 | This table contains a reconciliation of Adjusted EBITDA to revenue for the Regulated Services Group. The relevant sections of the table are derived from and should be read in conjunction with the unaudited interim condensed consolidated statement of operations and Note 17 in the unaudited interim condensed consolidated financial statements, "Segmented Information". This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Regulated Services Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. |
Reconciliation of Corporate Group Adjusted EBITDA to Operating Income
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Corporate Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
Three months ended | Nine months ended | ||||||
September 30 | September 30 | ||||||
(all dollar amounts in $ millions) | 2024 | 2023 | 2024 | 2023 | |||
Revenue | 0.4 | 0.4 | 1.0 | 1.1 | |||
Add: Interest, dividend, equity, and other income3 | 23.0 | 18.3 | 67.8 | 57.1 | |||
Less: Operating expenses | 2.3 | (1.0) | 5.3 | 0.3 | |||
Corporate Group Adjusted EBITDA1 | 21.1 | 19.7 | 63.5 | 57.9 |
1 | See Caution Concerning Non-GAAP Measures. |
2 | This table contains a reconciliation of Adjusted EBITDA to revenue for the Corporate Group. The relevant sections of the table are derived from and should be read in conjunction with the unaudited interim condensed consolidated statement of operations and Note 17 in the unaudited interim condensed consolidated financial statements, "Segmented Information". This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Corporate Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. |
3 | Primarily includes dividends from Atlantica of |
Reconciliation of Hydro Group Adjusted EBITDA to Operating Income
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Hydro Group Adjusted EBITDA and provides additional information related to the operating performance of AQN. Investors are cautioned that this measure should not be construed as an alternative to
Three months ended | Nine months ended | ||||||
September 30 | September 30 | ||||||
(all dollar amounts in $ millions) | 2024 | 2023 | 2024 | 2023 | |||
Revenue | $ 8.9 | $ 8.3 | $ 27.2 | $ 25.7 | |||
Less: Cost of Sales - Hydro | — | 0.1 | 0.2 | 0.4 | |||
Add: Other income | — | 0.2 | 0.8 | 1.0 | |||
Less: Operating expenses | 1.8 | 1.9 | 6.8 | 6.8 | |||
Hydro Group Adjusted EBITDA1 | $ 7.1 | $ 6.5 | $ 21.0 | $ 19.5 |
1 | See Caution Concerning Non-GAAP Measures. |
2 | This table contains a reconciliation of Adjusted EBITDA to revenue for the Hydro Group. The relevant sections of the table are derived from and should be read in conjunction with the unaudited interim condensed consolidated statement of operations and Note 17 in the unaudited interim condensed consolidated financial statements, "Segmented Information". This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of the Hydro Group. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to revenue. |
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SOURCE Algonquin Power & Utilities Corp.
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