TransAlta Renewables Inc. on May 10 posted first-quarter 2018 comparable EBITDA of C$111 million, flat with the same quarter a year ago.
Cash available for distribution improved to C$96 million, or 38 Canadian cents per share, from C$83 million, or 37 Canadian cents per share, in the prior-year quarter.
The company posted first-quarter 2018 net earnings attributable to common shareholders of C$66 million, or 26 Canadian cents per share, from C$27 million, or 12 Canadian cents per share, in the comparable quarter of 2017.
The S&P Capital IQ GAAP consensus estimate for the quarter was 22 Canadian cents per share and the EBITDA estimate was C$111.2 million.
Net earnings attributable to common shareholders increased C$39 million primarily as a result of the class B shares fair value loss of C$44 million in the prior year, the company said, and higher finance income of C$15 million in 2018.
Revenues were C$125 million, compared with C$124 million in the first quarter of 2017. Adjusted funds from operations increased to C$97 million from C$83 million in first quarter of 2017.
First-quarter 2018 renewable energy production was 1,004 GWh, from 1,010 GWh in the same period of 2017.
The company reaffirmed its full-year 2018 guidance of comparable EBITDA in the range of C$400 million to C$420 million, adjusted funds from operations in the range of C$315 million to C$340 million and cash available for distribution between C$260 million to C$290 million.