Just Energy Group Inc. on Aug. 8 reported fiscal first-quarter 2019 base EBITDA of C$27.3 million, a drop from C$32.5 million during the same quarter of fiscal 2018.
The S&P Global Market Intelligence consensus base EBITDA estimate for the most recent quarter was C$39.7 million.
The approximately 16% year-over-year decrease in base EBITDA was due to lower gross margin and continued investment in growth initiatives, partially offset by lower selling costs.
Gross margin for the most recent quarter was C$153.5 million, a 3% year-over-year decrease from C$157.6 million due to lower deliveries to the Canadian consumer markets, negative foreign exchange impact and favorable resettlements for the commercial division in the prior comparable quarter.
Just Energy's fiscal first-quarter 2019 sales were up to C$876.5 million, from C$847.7 million a year earlier. Base funds from operations dropped 12% year over year to C$18.1 million from C$20.5 million during the comparable quarter of last fiscal year.
Just Energy reaffirmed its fiscal full-year 2019 base EBITDA guidance in the range of C$200 million to C$220 million.