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Atlantic Power records higher Q2'19 project adjusted EBITDA

Atlantic Power Corp. on Aug. 1 posted 2019 second-quarter project adjusted EBITDA of $50.8 million, compared to $39.8 million in the second quarter of 2018.

The company's GAAP net income attributable to Atlantic Power increased to $1.2 million, or 1 cent per diluted share, compared to a net loss of $600,000, or a loss of 1 cent per diluted share, in the same quarter in 2018.

The S&P Global Market Intelligence consensus normalized and GAAP EPS estimate for the quarter was 3 cents.

Atlantic Power's project income totaled $21.7 million, up from $13.6 million a year ago, while its project revenue amounted to $71.3 million, an increase from $66.2 million in the comparable 2018 period.

Cash from operating activities increased to $38.9 million from $28.1 million a year ago, mainly due to higher project adjusted EBITDA and slightly lower cash interest payments.

The company reaffirmed its 2019 project adjusted EBITDA guidance in the range of $175 million to $190 million.