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Just Energy Group base EBITDA drops 31% in fiscal Q1

Just Energy Group Inc. on Aug. 14 reported fiscal first-quarter 2020 base EBITDA from continuing operations of C$24.2 million, a 31% drop from C$34.8 million in the same quarter in fiscal 2019.

The S&P Global Market Intelligence consensus EBITDA estimate for the fiscal first quarter was C$39.3 million.

Base funds from continuing operations fell to C$1.4 million from C$23.8 million in the comparable fiscal quarter. Sales also dropped year over year to C$670.2 million from C$702.5 million.

Just Energy Group widened its fiscal first-quarter loss from continuing operations to C$270.0 million, or negative C$1.82 per share, in 2020, from C$64.0 million, or negative 45 Canadian cents per share, in 2019.

"While Just Energy's first fiscal quarter financial performance was impacted by the previously announced impairment as well as the implementation of IFRS 15, we mitigated some of the decline through our strategic improvement initiatives that supported margin and supply optimization, and improved internal controls," Just Energy President and CEO Scott Gahn said.

The company revised its fiscal 2020 guidance to C$180 million to C$200 million for base EBITDA from continuing operations, and to between C$50 million and C$70 million for free cash flow.