Algonquin Powers Up In Q4 But Skips Guidance On Uncertainty Over Renewables Sale
Portfolio Pulse from Lekha Gupta
Algonquin Power & Utilities Corp. (NYSE:AQN) reported Q4 FY23 results with a revenue decline of 11% Y/Y to $666.9 million, surpassing consensus estimates. The Regulated Services Group saw an 11% revenue decline, while the Renewable Energy Group's revenue fell by 7%. Despite these declines, adjusted EBITDA and net earnings rose by 13% and 18% Y/Y, respectively. The company announced a dividend but is withholding 2024 EPS guidance due to uncertainty over its renewable energy business sale. AQN shares rose 2.86% following the announcement.
March 08, 2024 | 4:16 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Algonquin Power & Utilities Corp. reported better-than-expected Q4 FY23 results, with a slight revenue decline but significant increases in adjusted EBITDA and net earnings. The company also announced a dividend but withheld 2024 EPS guidance due to uncertainty over its renewable energy business sale.
The positive earnings report and the announcement of a dividend are likely to instill confidence in investors, leading to a short-term positive impact on AQN's stock price. However, the lack of guidance for 2024 due to the uncertainty surrounding the sale of its renewable energy business could introduce some caution among investors.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100