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Boralex Q2'18 EBITDA up slightly, misses Street estimates

Boralex Inc. on Aug. 10 reported second-quarter 2018 EBITDA of C$68.0 million, compared with C$67.0 million in the prior-year period.

The S&P Global Market Intelligence consensus estimate for EBITDA was C$78.7 million.

The independent renewable energy producer booked a second-quarter net loss attributable to shareholders of C$28 million, or a loss of 36 Canadian cents per share, compared with a net loss attributable to shareholders of C$2 million, or a loss of 3 Canadian cents per share, a year earlier.

Revenue from energy sales was C$110 million, compared with C$104 million in the second quarter of 2017 a year ago. The company also recorded cash flows from operations of C$26 million, down from C$46 million in the year-ago quarter.

"The prevailing weather conditions did not allow us to achieve the expected operating results," Boralex President and CEO Patrick Lemaire said in an earnings release.

In the second quarter of 2018, the company generated 881 GWh of electricity, compared to 863 GWh in the same quarter of 2017.

Looking ahead, the company revised its annual EBITDA target to a range of C$390 million to C$410 million under IFRS by the end of 2020.

The company's board conditionally declared a quarterly dividend of 15.75 Canadian cents per common share to be paid Sept. 18 to shareholders of record Aug. 31.