Financial Highlights (Unaudited)
Business Highlights
OAKVILLE, ON, March 1, 2018 /CNW/ – Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) (“APUC”) today announced unaudited financial results for the fourth quarter and year ended December 31, 2017. APUC's unaudited financial information and supplementary management commentary are available at www.algonquinpowerandutilities.com/ and posted on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in Canadian dollars unless otherwise noted and all information contained in this news release is unaudited.
Financial Review
In millions of Canadian dollars or on a per (Unaudited) |
Quarterly |
Annual |
|||||||
Quarter ended Dec. 31, 2017 |
Year ended Dec. 31, 2017 |
||||||||
2017 |
2016 |
Variance |
2017 |
2016 |
Variance |
||||
Revenue |
523.4 |
310.2 |
69% |
1,977.8 |
1,096.0 |
80% |
|||
Net earnings attributable to shareholders |
60.0 |
46.3 |
30% |
193.1 |
130.9 |
48% |
|||
Per share |
0.14 |
0.16 |
(13)% |
0.48 |
0.44 |
9% |
|||
Adjusted net earnings1 |
85.9 |
51.4 |
67% |
292.1 |
161.6 |
81% |
|||
Per share |
0.20 |
0.18 |
11% |
0.74 |
0.57 |
30% |
|||
Adjusted EBITDA1 |
233.4 |
138.3 |
69% |
883.4 |
476.9 |
85% |
|||
Adjusted Funds from Operations1 |
159.1 |
96.4 |
65% |
614.5 |
356.4 |
72% |
|||
Dividend per share |
0.15 |
0.14 |
7% |
0.61 |
0.55 |
11% |
Fourth Quarter Corporate Highlights
Fourth Quarter and Year End Growth Highlights
Fourth Quarter 2017:
Full Year 2017:
“We are pleased to report that 2017 was a year of unprecedented growth and record financial results across the organization, reflecting a full year of contributions from the Empire acquisition as well as new renewable generation facilities totaling 210 MW of capacity,” commented Ian Robertson, Chief Executive Officer of APUC. “As we move into 2018, we are excited about the prospects for AAGES, our new international renewable energy and infrastructure development joint venture, and look forward to executing on our five year $7.7 billion growth plan that will continue to drive growth in earnings and cash flows to support a growing dividend for our shareholders.”
Earnings Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 2, 2018, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference Call Date: Friday, March 2, 2018
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20180302.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 2031 from Friday, March 2, 2018 until Friday, March 16, 2018.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 760,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,200 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. Specific forward-looking information in this document includes, but is not limited to: the expected completion and timeline for completion of the Atlantica transaction; expectations and plans, including potential investment amounts, with respect to the Granite Bridge project; expectations, including projected cost savings, with respect to the Asbury Coal Power Plant; expectations with respect to electricity generation by APUC's facilities; the expected closing timing and amount of indebtedness to be assumed in relation to the St. Lawrence Gas Company, Inc. transaction; expectations with respect to pending rate case filings; and expectations with respect to APUC's growth plans, earnings, cash flow and dividend amounts. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms “Adjusted Net Earnings”, Adjusted EBITDA, and “Adjusted Funds from Operations” are used in this press release. The terms “Adjusted Net Earnings”, Adjusted EBITDA, and “Adjusted Funds from Operations” are not recognized measures under GAAP. There is no standardized measure of “Adjusted Net Earnings”, Adjusted EBITDA, and “Adjusted Funds from Operations” and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest GAAP measure of “Adjusted Net Earnings”, Adjusted EBITDA, and “Adjusted Funds from Operations” can be found in the Supplementary Financial Information (unaudited) for the quarter ended December 31, 2017.
Adjusted EBITDA
EBITDA is a non-GAAP measure calculated by APUC as cash provided by operating activities without giving effect to (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure calculated by APUC as net earnings from operations without giving effect to (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP calculated by APUC as cash flows from operating activities without giving effect to (as applicable) changes in working capital balances, acquisition expenses, litigation expenses, cash provided or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
View original content: http://www.newswire.ca/en/releases/archive/March2018/01/c4967.html