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Algonquin Power & Utilities (AQN) Q3 Earnings Beat Estimates

Zacks Equity Research

Algonquin Power & Utilities Corp. AQN 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

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