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Algonquin Power & Utilities (AQN) Q3 Earnings Lag, Sales Top

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·3 min read
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Algonquin Power & Utilities’ AQN third-quarter 2021 earnings of 15 cents per share lagged the Zacks Consensus Estimate of 16 cents by 6.2%. The company’s earnings were in line with the comparable year-ago quarter figure.

Revenues

Algonquin Power & Utilities’ revenues of $529 million surpassed the Zacks Consensus Estimate of $466 million by 13.5%. The top line also improved 40.7% from the year-ago figure of $376 million.

Algonquin Power & Utilities Corp. Price, Consensus and EPS Surprise

Algonquin Power & Utilities Corp. Price, Consensus and EPS Surprise
Algonquin Power & Utilities Corp. Price, Consensus and EPS Surprise

Algonquin Power & Utilities Corp. price-consensus-eps-surprise-chart | Algonquin Power & Utilities Corp. Quote

Highlights of the Release

Total expenses increased nearly 47.5% year over year to $414.9 million.

Operating income increased nearly 19.4% year over year to $113.7 million.

Interest expenses were $51.7 million, up 13.4% from the year-ago quarter.

Financial Highlights

Cash and cash equivalents were $190.8 million as of Sep 30, 2021 compared with $101.6 million on Dec 31, 2020.

Long-term debt was $6,353.3 million as of Sep 30, 2021 compared with $4,398.6 million on Dec 31, 2020.

Cash provided from operating activities for third-quarter 2021 was $174.7 million compared with $121.4 million in the third quarter of 2020.

Algonquin Power & Utilities’ $4 billion capital expenditure for 2021 remains on track and it has already invested $3.4 billion in the first nine months of 2021 to strengthen operations.

Zacks Rank

Algonquin 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.

Other Releases

Chesapeake Utilities Corp. CPK posted third-quarter 2021 adjusted operating earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 54 cents by 31.5%. Total revenues of $107 million, however, missed the Zacks Consensus Estimate of $114 million by 5.8%.

Chesapeake Utilities’ capital expenditure guidance for the 2021-2025 time period is projected in the range of $750 million to $1 billion. Chesapeake Utilities has returned 21.1% in the past 12 months.

NextEra Energy NEE posted third-quarter 2021 adjusted operating earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%. Total revenues of $4,370 million, however, missed the Zacks Consensus Estimate of $5,896 million by 25.9%.

NextEra Energy reiterated 2021 earnings expectation in the range of $2.40-$2.54 per share. The company has returned 11% in the past 12 months against the industry’s decline of 2%. The Zacks Consensus Estimate for NextEra Energy’ 2021 earnings has moved up 0.4% in the past 60 days to $2.53 per share.

Dominion Energy D reported third-quarter 2021 earnings of $1.11 per share, which beat the Zacks Consensus Estimate of $1.06 by 4.7%. Revenues of $3,176 million for the quarter lagged the Zacks Consensus Estimate of $3,846 million by 17.4%.

Dominion narrowed 2021 earnings per share expectation to the range of $3.80-$3.90 from $3.70-$4.00. The Zacks Consensus Estimate for Dominion’s 2021 earnings has moved up 0.5% in the past 60 days to $3.89 per share.


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