Algonquin Power Logs Lower Profit on Higher Costs

Dow Jones11-06

Algonquin Power & Utilities reported a decline in third-quarter profit, weighed down by wildfire-related costs.

The utility company posted on Friday a decline in net income to $57.6 million, or 7 cents a share, down from $71 million, or 9 cents a share, in the comparable quarter a year ago.

Earnings were weighed by $35.4 million in one-off charges, in particular, $16.6 million in nonrecoverable costs and accruals related to the Mountain View Fire and an $8.3 million loss on assets held for sale.

Adjusted earnings were 11 cents a share. According to FactSet, analysts were expecting 10 cents a share.

The company's regulated services group earnings fell to $72.6 million from $103.6 million, while its hydro group earnings fell to $2.1 million from $3.3 million.

Net loss for its corporate group narrowed to $17.1 million from $35.9 million, primarily due to a June repayment of $1.15 billion of debt following its senior note offering.

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