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Algonquin Power records 18% YOY increase in adjusted EBITDA

Algonquin Power & Utilities Corp. on Aug. 8 reported second-quarter 2019 adjusted EBITDA of $189.8 million, an 18% increase from $160.8 million in the prior-year period.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate was $183.4 million.

Adjusted net earnings for the quarter totaled $55 million, or 11 cents per share, compared with $50.9 million, or 11 cents per share, in the same period of 2018. Adjusted funds from operations improved year over year to $128.3 million from $113.9 million.

On a GAAP basis, the company reported net earnings attributable to shareholders of $156.6 million, or 31 cents per share, compared to $65.5 million, or 14 cents per share, for the 2018 second quarter.

Revenue came in at $343.6 million in the most recent quarter, a drop from $366.1 million a year earlier.