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Innergex posts 12% YOY increase in Q3 adjusted EBITDA

Innergex Renewable Energy Inc. on Nov. 13 reported third-quarter 2018 adjusted EBITDA of C$91.6 million, an increase of 12% from C$81.8 million in the same quarter of 2017.

Net earnings for the quarter totaled C$9.4 million, or 7 Canadian cents per share, improving from C$4.3 million, or 4 cents per share, in the prior-year period. Revenues for the quarter amounted to C$140.8 million, up 30% from C$108.2 million a year ago.

For the third quarter of 2018, Innergex produced 1,556,891 MWh of electricity, compared to 1,243,099 MWh produced in the comparable period of 2017.

The improved performance stems mainly from acquisitions and commissioning carried out over the last two years, the company said.