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Northland Power Q2 adjusted EBITDA increases YOY

Northland Power Inc. on Aug. 7 reported second-quarter 2019 adjusted EBITDA of C$194.0 million, compared to C$183.0 million in the same quarter last year.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the most recent quarter was C$197.1 million.

Free cash flow for the quarter totaled C$35.2 million, or 20 Canadian cents per share, down from C$37.0 million, or 21 Canadian cents per share, a year earlier.

The company reported net income for the quarter of C$76.2 million, or 28 Canadian cents per share, increasing from C$69.0 million, or 29 Canadian cents per share, a year ago.

Second-quarter sales increased to C$343.8 million from C$338.2 million in the prior-year period, while operating income dropped to C$145.9 million from C$131.1 million.

Looking ahead, Northland Power continues to target full-year 2019 adjusted EBITDA in the range of C$920 million to C$1.01 billion and free cash flow in the range of C$1.65 per share to C$1.95 per share.