Algonquin Power & Utilities Corp. (AQN.TO) on Friday reported lower loss compared to the same quarter last year. However, earnings missed the Street view. Revenue decreased by 6 percent.
Quarterly loss narrowed 11 percent to $174.5 million or $0.26 per share from $195.2 million or $0.29 per share for the same period prior year.
Excluding items, the company reported a profit of $79.3 million compared to earnings of $73.5 million in the previous year. Adjusted earnings per share remained flat at $0.11
On average, 11 analysts polled by Thomson Reuters had expected earnings of $0.12 per share for the year. Analysts' estimates typically exclude special items.
Revenue, nevertheless declined to $624.7 million from $664.4 million in the prior year. The Street view for revenue is $670.67 million.
In pre-market activity, Algonquin shares are trading at $5.47, down 2.15% on the New York Stock Exchange.
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