Innergex Renewable Energy Inc. booked C$80.1 million in fourth-quarter 2017 adjusted EBITDA, an increase of C$29.8 from C$50.3 million in the comparable quarter of 2016, thanks in large to higher revenues resulting from higher production and the contribution of new power facilities.
Despite the year-over-year increase, the result misses the S&P Capital IQ consensus adjusted EBITDA estimate of C$81.5 million.
The Longueuil, Quebec-headquartered renewable power producer generated C$108.0 million in fourth-quarter revenues, compared with C$73.3 million a year earlier. The increase was attributed to the contribution of the recently commissioned Mesgi'g Ugju's'n, Upper Lillooet River and Boulder Creek facilities, as well as to the acquisition of the Montjean, Theil-Rabier, Yonne, Rougemont 1-2, Vaite, Plan Fleury and Les Renardières facilities.
During the most recent quarter, Innergex generated 1,106 GWh of electricity, or 98% of its generating facilities' long-term average of 1,133 GWh, compared with 849.0 GWh of the facilities' long-term average of 838.1 GWh in the year-ago quarter, results released Feb. 21 showed.
Fourth-quarter net earnings were down to C$3.5 million, or 5 cents per share, in 2017, compared with C$8.8 million, or 8 cents per share, a year ago.
The year-over-year decrease in net earnings was driven by a C$14.2 million increase in finance costs, a C$8.9 million increase in depreciation and amortization and a C$5.7 million decrease in income tax recovery, Innergex said in its earnings statement.
On a full-year basis, Innergex reported adjusted EBITDA of C$298.7 million for 2017, compared with C$216.0 million for 2016, a 38% increase due to production and revenues from new facilities, partly offset by higher expenses.
The S&P Capital IQ consensus adjusted EBITDA estimate for 2017 was C$300.7 million.
Revenues for the year totaled C$400.3 million, climbing from C$292.8 million a year earlier due to the facilities commissioned in 2016 and 2017 and the wind facilities acquired in 2016 and 2017 in France as well as to higher production at all of its Ontario hydro facilities.
During the year, the company's facilities produced 4,394 GWh of electricity, or 92% of its generating facilities' long-term average of 4,764 GWh, compared with 3,522 GWh of the facilities' long-term average of 3,365 GWh in 2016.
The company posted full-year 2017 net earnings of C$19.7 million, or 22 cents per share, compared with C$32.0 million, or 28 cents per share, in 2016.
Innergex will pay an increased quarterly dividend 17 cents per common share on April 16 to shareholders of record March 30. The dividend equates to 68 cents per share on an annualized basis, up 2 cents per share from the previous annual dividend rate of 66 cents per share.