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TransAlta Renewables' comparable EBITDA grows 13% YOY

TransAlta Renewables Inc. on Aug. 8 reported second-quarter 2019 comparable EBITDA of C$111 million, rising from C$98 million in the prior-year period.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the quarter was C$103.0 million.

Adjusted funds from operations were C$80 million, or 30 Canadian cents per share, up from C$73 million, or 29 cents per share, a year ago. Cash available for distribution also improved to C$57 million, or 22 cents per share, from C$51 million, or 20 cents per share, in the second period of 2018.

The company posted second-quarter net earnings attributable to common shareholders of C$31 million, or 12 cents per share, a drop from C$65 million, or 26 cents per share, in the year-ago quarter.

Revenues improved to C$111 million in the most recent quarter from C$107 million a year ago.

Second-quarter renewable energy production totaled 867 GWh, compared to 874 GWh in the same period of 2018.

"Results in the second quarter delivered positive growth supported by the acquisition of contracted renewable assets in mid-2018," President John Kousinioris said.

TransAlta Renewables declared a monthly dividend of 7.833 cents per common share for holders of record Oct. 15, Nov. 15 and Dec. 13, payable on each of Oct. 31, Nov. 29 and Dec. 31.