Northland Power Inc. on May 9 reported first-quarter 2018 adjusted EBITDA of C$290.4 million, compared to adjusted EBITDA of C$198.1 million during the same period a year ago.
The S&P Capital IQ consensus EBITDA estimate for Northland Power in the first quarter was C$257.4 million.
The company's free cash flow for the quarter totaled C$148 million, or 84 Canadian cents per share, up from C$41.5 million, or 24 Canadian cents per share, recorded in the first quarter of 2017.
Net income for the first quarter of 2018 was C$178.0 million, or 61 Canadian cents per share, compared to net income of C$100.1 million, or 30 cents per share, a year ago.
Northland Power's sales for the quarter increased to C$486.4 million from C$364.1 million in the prior-year period, while gross profit rose to C$454.6 million from C$323.1 million, in the same period in 2017. Operating income also climbed to C$281.2 million from C$187.6 million in the previous year.
Northland Power's adjusted EBITDA guidance for 2018 remains in the range of C$860 million to C$930 million.
"Northland's Hai Long 2 offshore wind project in Taiwan was allocated 300 MW under Taiwan's feed-In tariff program, our operating assets are performing well, and construction on our Deutsche Bucht offshore wind project continues on schedule," Northland CEO John Brace said. "We achieved a 250% increase in free cash flow per share and a 47% increase in adjusted EBITDA over the same quarter last year."