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Crius Energy books 37% YOY increase in Q1 adjusted EBITDA

Crius Energy Trust posted first-quarter 2018 adjusted EBITDA of $19.8 million, compared with $14.5 million reported in the comparable quarter of 2017.

The company attributed the 37.3% year-over-year increase to its acquisition of U.S. Gas & Electric Inc. in the third quarter of 2017, according to the May 15 earnings release.

Distributable cash was $3.7 million, compared to $7.7 million in the year ago. Revenues increased to $321.8 million from $177.4 million in a year ago due to the addition of customers associated with the acquisition of USG&E and higher customer usage.

Net income in the first quarter of 2018 was $4.3 million, compared with a net loss of $26.3 million in the prior-year quarter.

The company increased its cost reduction target to $20 million to $25 million. The company also appointed an adviser to explore strategic alternatives for solar business and is looking to launch share purchases under its normal-course issuer bid program.

Crius Energy is a provider of electricity, natural gas and solar products to residential and commercial customers.