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Algonquin Power Q2'18 adjusted EBITDA up 9% YOY

Algonquin Power & Utilities Corp. on Aug. 9 reported second-quarter 2018 adjusted EBITDA of $160.3 million, a 9% increase from $147.1 million in the same quarter of 2017.

The utility posted adjusted net earnings for the quarter of $50.9 million, or 11 cents per share, up from $39.5 million, or 9 cents per share, a year ago.

On a GAAP basis, net earnings attributable to shareholders was $65.5 million, or 14 cents per share, compared to $35.3 million, or 9 cents per share, in the comparable period in 2017.

The company generated second-quarter 2018 revenues of $366.2 million, up 9% from $337.1 million a year ago, while adjusted funds from operations totaled $113.9 million, compared to $90.1 million in the second quarter of 2017.

"In terms of creating additional value for shareholders, we made significant progress against our five-year growth plan with the commissioning of our 75-MW Amherst Island Wind Project wind project and the issuance of a regulatory order in Missouri supporting investment in 600 MW of new wind power pursuant to our 'Greening the Fleet' initiative," Algonquin CEO Ian Robertson said in an earnings release.