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Gaz Metro, wind performance drive Valener fiscal Q3 results

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Gaz Metro, wind performance drive Valener fiscal Q3 results

Valener Inc. on Aug. 9 reported adjusted income attributable to common shareholders of C$2.5 million, or 6 Canadian cents per share, for the fiscal third quarter ended June 30, compared to C$1.7 million, or 4 Canadian cents per share, for the same quarter in fiscal 2016.

The company's normalized operating cash flows dipped to C$14.4 million, or 37 Canadian cents per share, from C$13.9 million, or 36 Canadian cents per common share, in the comparable quarter in the 2016 fiscal year.

Gaz Métro LP contributed net income attributable to partners of C$11.1 million for the most recent quarter, up C$1.3 million year over year from C$9.8 million in the prior-year period.

"Our earnings and distributions growth confirm the soundness of the geographical and commercial diversification strategy we adopted ten years ago and that continues today with our recent acquisition of Standard Solar," Gaz Metro President and CEO Sophie Brochu said.

Seigneurie de Beaupré Wind Farm 2-3 and Seigneurie de Beaupre Wind Farm 4 generated a combined 239,409 MWh of electricity, from 222,087 MWh from the same period of 2016. The 7.2% year over year increase was due to stronger winds. The resulting operating cash flows for the third quarter of fiscal 2017 totaled C$19.2 million, up C$2.7 million from the same quarter in fiscal 2016. Cash flows from these wind farms were used to pay C$10.3 million in distributions during the reported quarter, compared to C$89 million in the third fiscal quarter of 2016.

Valener also reported an increase in its dividend to 29 Canadian cents per common share, or C$1.16 on an annual basis, from 28 Canadian cents per common share, or C$1.12 per share.