Algonquin Power & Utilities Corp. reported fourth-quarter 2017 adjusted EBITDA of C$233.4 million, beating the S&P Capital IQ consensus adjusted EBITDA estimate of C$207.8 million. The result compares to adjusted EBITDA of C$138.3 million in the same period of 2016.
Adjusted funds from operation increased 65% year over year to C$159.1 million in the most recent quarter, from C$96.4 million in the prior-year period, results released March 1 showed. Fourth-quarter adjusted net earnings were C$85.9 million, or 20 cents per share, compared with C$51.4 million, or 18 cents per share, in the same quarter of 2016.
The company booked fourth-quarter 2017 net earnings attributable to shareholders of C$60.0 million, or 14 cents per share, compared with C$46.3 million, or 16 cents per share. The company generated C$523.4 million in fourth-quarter 2017 revenues, an increase from C$310.2 million in the year-ago quarter.
On a full-year basis, Algonquin Power posted an 85% year-over-year increase in 2017 adjusted EBITDA to C$883.4 million, from C$476.9 million a year earlier.
The S&P Capital IQ consensus adjusted EBITDA estimate for 2017 was C$847.6 million.
Adjusted net earnings for the full year were C$292.1 million, or 74 cents per share, up from C$161.6 million, or 57 cents per share, in 2016.
The growth in earnings reflects a full year of contributions from the Empire District Electric Co. acquisition as well as new renewable generation facilities totaling 210 MW of capacity, Algonquin Power CEO Ian Robertson said.
"As we move into 2018, we are excited about the prospects for [Abengoa-Algonquin Global Energy Solutions], our new international renewable energy and infrastructure development joint venture, and look forward to executing on our five year [C]$7.7 billion growth plan that will continue to drive growth in earnings and cash flows to support a growing dividend for our shareholders," Robertson said.
