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Algonquin Power records C$98M surge in Q2 adjusted EBITDA

Algonquin Power & Utilities Corp. recorded a C$98.4 million year-over-year increase in second-quarter adjusted EBITDA to C$197.6 million, from C$99.2 million for the corresponding quarter of 2016.

The company said its books were positively impacted by the Empire District Electric Co. acquisition, the addition of new generating stations and increased production from U.S. wind projects, according to an Aug. 10 earnings release.

The company booked C$53.3 million, or 13 Canadian cents per share, in second-quarter 2017 adjusted net earnings, up from C$30.9 million, or 11 Canadian cents per share, in the prior-year period.

Despite the year-over-year increase, the result misses the S&P Capital IQ normalized EPS consensus estimate for the most recent quarter of 14 cents.

Second-quarter adjusted funds from operations were up 54% year over year to C$119.6 million in 2017, compared to C$77.5 million in 2016, while revenue grew to C$453.2 million, from C$222.8 million a year ago, the company reported.

Algonquin's second-quarter 2017 net earnings attributable to shareholders were up to C$47.7 million, or 12 Canadian cents per share, from C$24.8 million, or 8 Canadian cents per share, in the comparable quarter of 2016.