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Innergex Q1 adjusted EBITDA up 56% YOY

Innergex Renewable Energy Inc. on May 15 reported first-quarter 2018 adjusted EBITDA of C$79.3 million, a 56% increase from C$50.9 million in the comparable quarter of 2017.

The S&P Capital IQ consensus adjusted EBITDA estimate for the quarter was C$79.2 million.

Free cash flow for the quarter amounted to C$96.2 million, compared with C$73.7 million a year ago. Revenues grew to C$117.9 million, up from C$74.5 million in the same period of 2017.

The company produced approximately 1,136 GWh of electricity during the quarter, compared with 722 GWh a year earlier.

On a GAAP basis, the company posted a net loss of C$14.6 million, or a net loss of 7 Canadian cents per share, compared with a net loss of C$2.5 million, or net earnings of 1 cent per share.