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Algonquin Power Q1 adjusted EBITDA up 45% YOY; boosts dividend by 10%

Algonquin Power & Utilities Corp. on May 10 reported first-quarter 2018 adjusted EBITDA of $279.2 million, a 45% increase from $192.3 million in the same quarter of 2017.

The generation, transmission and distribution utility posted adjusted net earnings for the quarter of $141.0 million, or 32 cents per share, up from $66.5 million, or 19 cents per share, a year ago.

On a GAAP basis, net income attributable to shareholders was $17.6 million, or 4 cents per share, compared to $19.3 million, or 5 cents per share, in the comparable period in 2017.

The company generated revenues of $494.8 million, up 17% from $421.7 million a year ago, while adjusted funds from operations totaled $179.9 million, compared to $156.7 million a year earlier.

Algonquin Power raised its quarterly dividend by 10% to 12.82 cents per common share from 11.65 cents per common share. The dividend equates to 51.28 cents per share on an annualized basis.