Northland Power Inc. on Feb. 22 reported fourth-quarter 2017 adjusted EBITDA of C$238.7 million, compared with C$277.1 million in the same quarter of 2016.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the most recent quarter was C$196.9 million.

Free cash flow for the quarter was down to C$69.5 million, or 40 cents per share, from C$119.0 million, or 69 cents per share, in the fourth quarter of 2016. Fourth-quarter sales dropped to C$394.6 million in 2017, from C$478.5 million a year ago, while operating income slid year over year to C$196.5 million from C$276.6 million.

The Canadian independent power producer posted net income of C$82.3 million in the 2017 fourth quarter, compared with C$290.7 million in the same period of 2016.

On a full-year basis, the company reported adjusted EBITDA of C$765.2 million in 2017, an increase from C$626.9 million in 2016. The S&P Global Market Intelligence consensus adjusted EBITDA estimate for 2017 was C$721.7 million.

The result exceeded the company's guidance range of C$710 million to C$750 million in 2017, due primarily to higher-than-expected wholesale market prices at its Gemini offshore wind project, favorable foreign exchange movements and timing of certain development expenditures.

Free cash flow increased to C$256.1 million, or C$1.46 per share, from C$242.3 million, or C$1.40 per share, a year earlier. Sales improved year over year to C$1.38 billion from C$1.10 billion, while operating income increased to C$632.1 million from C$508.6 million, results showed.

Northland Power booked C$275.8 in full-year 2017 net income, up from C$190.6 million in 2016.

The company is targeting 2018 adjusted EBITDA in the range of C$860 million to C$930 million and free cash flow in the range of C$1.70 per share to C$2 per share.