AQN Makes Progress Towards Strategic Transformation to Pure-Play Regulated Utility OAKVILLE, ON, May 28, 2024 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) ("AQN" or the "Company") today announced it has entered into a support agreement (the "Support Agreement") with a private limited company ("Bidco"), which is controlled by Energy Capital Partners, and Atlantica Sustainable Infrastructure plc (NASDAQ: AY) ("Atlantica"). AQN and its subsidiary Liberty (AY Holdings) B.V., which hol ...

Algonquin Power & Utilities Corp. (NYSE:AQN) Q1 2024 Earnings Conference Call May 10, 2024 8:30 AM ET Company Participants Brian Chin - Vice President of Investor Relations Christopher Huskilson - Chief Executive Officer Darren Myers - Chief Financial Officer Jeffery Norman - President of Renewables Conference Call Participants Nelson Ng - RBC Capital Markets Rupert Merer - National Bank Financial, Inc. Robert Hope - Scotiabank Benjamin Pham - BMO Capital Markets Mark Jarvi - CIBC Sean Steuart - TD Cowen Op ...

Revenue and Operating Performance - Revenue for Q1 2024 decreased to $737.1 million from $778.6 million in Q1 2023, a decline of 5.3%[2] - Operating income for Q1 2024 was $132.6 million, down from $142.5 million in Q1 2023, a decrease of 6.9%[2] - Regulated electricity distribution revenue decreased to $305.9 million in Q1 2024 from $316.0 million in Q1 2023, a decline of 3.2%[2] - Regulated natural gas distribution revenue decreased to $234.0 million in Q1 2024 from $271.1 million in Q1 2023, a decline of 13.7%[2] - Non-regulated energy sales revenue increased to $84.6 million in Q1 2024 from $78.7 million in Q1 2023, an increase of 7.4%[2] - Total revenue for the three months ended March 31, 2024 was $709.407 million, with $624.831 million from the Regulated Services Group and $84.576 million from the Renewable Energy Group[82] - Total revenue for the three months ended March 31, 2024, was $737.1 million, compared to $778.6 million in the same period in 2023, representing a decrease of 5.3%[85] - Regulated Services Group revenue for the three months ended March 31, 2024, was $674.5 million, while Renewable Energy Group revenue was $78.7 million[84] - Net revenue for the three months ended March 31, 2024, was $503.7 million, with Regulated Services Group contributing $421.0 million and Renewable Energy Group contributing $82.3 million[84] - Operating income for the three months ended March 31, 2024, was $142.5 million, with Regulated Services Group contributing $138.3 million and Renewable Energy Group contributing $6.3 million[84] Net Income and Losses - Net loss attributable to shareholders for Q1 2024 was $91.6 million, compared to net earnings of $268.0 million in Q1 2023[3] - Comprehensive loss attributable to shareholders for Q1 2024 was $91.3 million, compared to comprehensive income of $303.1 million in Q1 2023[6] - Net earnings for Q1 2024 were a loss of $120.3 million, compared to a profit of $249.6 million in Q1 2023[15] - Net loss attributable to AQN for the three months ended March 31, 2024 was $24.266 million, compared to a net gain of $2.281 million for the same period in 2023[40] - Net loss attributable to common shareholders for the three months ended March 31, 2024 was $91.558 million, compared to net earnings of $268.047 million for the same period in 2023[79] Cash and Liquidity - Cash and cash equivalents increased to $86.3 million as of March 31, 2024, up from $56.1 million as of December 31, 2023[8] - Cash and cash equivalents increased to $108 million at the end of Q1 2024 from $76.1 million at the start of the period[15] - Total liquidity and capital reserves as of March 31, 2024 were $1.895 billion, up from $1.002 billion as of December 31, 2023[48] Debt and Equity - Long-term debt increased to $8.8 billion as of March 31, 2024, compared to $7.9 billion as of December 31, 2023[10] - Total equity decreased to $6.4 billion as of March 31, 2024, from $6.6 billion as of December 31, 2023[10] - Long-term debt increased by $2.04 billion in Q1 2024, compared to $430 million in Q1 2023[15] - Total equity increased to $7.06 billion as of March 31, 2023, from $6.84 billion at the end of 2022[14] - Long-term debt as of March 31, 2024 was $8.849 billion, up from $7.894 billion as of December 31, 2023[45] - Long-term debt increased from $8,516.0 million in December 2023 to $9,089.7 million in March 2024, an increase of 6.7%[94][97] - Total financial liabilities increased from $8,652.9 million in December 2023 to $9,245.2 million in March 2024, an increase of 6.8%[94][97] Investments and Fair Value - Long-term investments carried at fair value decreased to $955.738 million as of March 31, 2024 from $1.116 billion in December 2023[35] - Fair value loss on investments carried at fair value was $158.332 million for the three months ended March 31, 2024[36] - Dividend and interest income from investments carried at fair value was $25.697 million for the three months ended March 31, 2024[36] - Equity-method investees had a carrying value of $442.906 million as of March 31, 2024, down from $456.393 million in December 2023[38] - The fair value of support provided to equity investees as of March 31, 2024 was $10.788 million, down from $12.666 million as of December 31, 2023[42] - AQN's maximum exposure to VIEs as of March 31, 2024 was $1.127 billion, down from $1.382 billion as of December 31, 2023[43] - Long-term investments carried at fair value decreased from $1,115.7 million in December 2023 to $955.7 million in March 2024, a decline of 14.3%[94][97] - Development loans and other receivables decreased from $158.1 million in December 2023 to $94.7 million in March 2024, a decline of 40.1%[94][97] - Total financial assets decreased from $1,357.1 million in December 2023 to $1,163.1 million in March 2024, a decline of 14.3%[94][97] Capital Expenditures and Investments - Additions to property, plant, and equipment totaled $212.5 million in Q1 2024, up from $169.7 million in Q1 2023[15] - Capital contributions of $9.874 million made to Texas Coastal Wind Facilities and projects under construction during the three months ended March 31, 2024[38] - Capital expenditures for the three months ended March 31, 2024 were $212.546 million, with $183.214 million from the Regulated Services Group and $29.332 million from the Renewable Energy Group[82] - Capital expenditures for the three months ended March 31, 2024, were $169.7 million, with Regulated Services Group accounting for $147.4 million and Renewable Energy Group accounting for $22.4 million[84] Acquisitions and Disposals - The company acquired the remaining 50% ownership in the Sandy Ridge II Wind Facility for $36.6 million in February 2024[23] - Acquired remaining 50% ownership in Liberty Development JV Inc. and Liberty Development Energy Solutions B.V. for a combined purchase price of $7.859 million[25] - Sold 100% equity interest in the 74.9 MW Windsor Locks Thermal Facility for $17.721 million[25] - The Company acquired the remaining 50% ownership in Liberty Development JV Inc. on January 4, 2024[66] - Algonquin Power Fund (America), LLC sold its 100% equity interest in the Cedar 1 Solar Project to Ashusa Inc. for $2 million and reimbursement of costs incurred[67] Regulatory and Tax - Regulatory assets totaled $1.234 billion as of March 31, 2024, a decrease from $1.328 billion in December 2023[32] - Securitized costs of $301.463 million related to the Midwest Extreme Weather Event and energy transition costs[34] - Income tax recovery for the three months ended March 31, 2024 was $11.303 million, compared to an expense of $24.701 million for the same period in 2023[72] - The company's net deferred tax asset position related to Canadian attributes increased from $151.759 million to $168.557 million during the three months ended March 31, 2024[75] Shareholder and Compensation - Cash dividends on common shares decreased to $73.7 million in Q1 2024 from $95.9 million in Q1 2023[15] - Share-based compensation expenses rose to $5.1 million in Q1 2024 from $696,000 in Q1 2023[15] - Total share-based compensation expense for the three months ended March 31, 2024, was $5,110 thousand, compared to $696 thousand in the same period in 2023[57] - A total of 737,235 performance share units (PSUs) and restricted share units (RSUs) were granted to employees during the three months ended March 31, 2024[59] - Dividends declared on common shares for the three months ended March 31, 2024, were $75,467 thousand, with a dividend per share of $0.1085[64] Other Financial Metrics - Depreciation and amortization expenses increased to $129.5 million in Q1 2024 from $121.6 million in Q1 2023[15] - The company received $60.5 million in contributions from non-controlling interests in Q1 2024, compared to none in Q1 2023[15] - Accounts receivable as of March 31, 2024 include unbilled revenue of $80.937 million, down from $107.001 million in December 2023[26] - The company recorded an impairment loss of $1.481 million in 2023 due to the sale of equity interests in Liberty Jimena, S.L., Liberty Caparacena, S.L., and Liberty Infrastructuras, S.L. to Atlantica[67] - Net effect attributable to non-controlling interests was $31.159 million for the three months ended March 31, 2024, compared to $20.529 million for the same period in 2023[70] - Renewable energy business sale costs for the three months ended March 31, 2024 were $5.909 million[76] - Total assets as of March 31, 2024 were $18.307 billion, with $12.603 billion from the Regulated Services Group and $5.309 billion from the Renewable Energy Group[82] - Total assets as of March 31, 2024, were $18.4 billion, with Regulated Services Group contributing $12.7 billion and Renewable Energy Group contributing $5.4 billion[84] - The company accrued estimated losses of $66,000 for claims related to the Mountain View Fire, with expected recoveries from insurance of $66,000, resulting in a net charge to earnings of $nil[88] - Total commitments for power purchase, natural gas supply, and service agreements as of March 31, 2024, amounted to $1.8 billion, with the largest portion ($553.7 million) allocated to service agreements[90] - Changes in non-cash operating items for the three months ended March 31, 2024, resulted in a net decrease of $54.5 million, primarily due to a decrease in accounts payable and accrued liabilities[92] - The fair value of energy contracts is determined using internally developed forward market prices ranging from $15.47 to $155.17 with a weighted average of $40.68 as of March 31, 2024[99] - The weighted average forward market prices for energy contracts are based on the quantity of energy expected to be sold monthly and the expected forward price during that month[99] - The significant unobservable inputs used in the fair value measurement of CRRs are recent CRR auction prices ranging from $0.61 to $38.17 with a weighted average of $4.64 as of March 31, 2024[99] - The significant unobservable inputs used in the fair value measurement of the Company's AYES Canada investment include expected cash flows, discount rates ranging from 8.32% to 8.82% with a weighted average of 8.53%, and expected volatility of Atlantica's share price ranging from 27.47% to 33.19% as of March 31, 2024[99] - The Company uses derivative financial instruments to reduce cash flow variability associated with future natural gas purchases, with a strategy to minimize fluctuations in natural gas sale prices to regulated customers[99] - The company has entered into long-term energy derivative contracts to mitigate price risk on the expected future sale of power generation, with notional quantities totaling 3,381,054 MW-hrs, 315,110 MW-hrs, 1,343,841 MW-hrs, and 1,220,525 MW-hrs, expiring between 2027 and 2030[102] - The company expects $36,128 of unrealized losses currently in AOCI to be reclassified into earnings within the next 12 months as underlying hedged transactions settle[106] - A foreign currency gain of $12,588 was recorded in OCI for the three months ended March 31, 2024, compared to a gain of $321 in the same period in 2023[106] - The company is party to a C$300,000 fixed-for-fixed cross-currency interest rate swap to hedge foreign currency exposure of its net investment in U.S. operations, recording a loss of $4,004 for Q1 2024[108] - The company is party to a C$400,000 cross-currency interest rate swap to hedge foreign currency exposure of its net investment in U.S. operations, recording a loss of $6,974 for Q1 2024[108] - The company has an interest rate cap agreement in the amount of C$390,000 for the period between January 15, 2024 and June 17, 2024[110] - The company has a long-term energy derivative contract with a notional quantity of 336,444 MW-hours at $25.15 per MW-hr, expiring in August 2030, to hedge price risk on expected future power generation sales[110] - Unrealized losses on energy derivative contracts and commodity contracts totaled $696 and $890, respectively, for Q1 2024[111] - Realized losses on energy derivative contracts totaled $2,293 for Q1 2024[111] - The company has CRRs with a notional quantity of 1,969,065 MW-hours at prices ranging from $0.84 to $19.06 per MW-hr to mitigate energy congestion charge volatility[108] - Accounts payable include confirmed invoices from designated suppliers of $67,230 as of March 31, 2024, compared to $62,173 as of December 31, 2023[112] - The company's supplier financing programs allow suppliers to voluntarily sell their receivables, with payment terms consistent with customary industry practice[112] - Certain comparative figures have been reclassified to conform to the unaudited interim condensed consolidated financial statement presentation adopted in the current period[113]

OAKVILLE, ON, May 10, 2024 /PRNewswire/ - Algonquin Power & Utilities Corp. ("AQN") (TSX: AQN) (TSX: AQN.PR.A) (TSX: AQN.PR.D) (NYSE: AQN) announced today that its board of directors has approved and declared the following common and preferred share dividends: US$0.1085 per common share, payable on July 15, 2024, to the shareholders of record on June 28, 2024, for the period from April 1, 2024 to June 30, 2024.  Registered shareholders can elect to receive the dividend in Canadian dollars in the amount of ...

Investors are always looking for stocks that are poised to beat at earnings season and Algonquin Power & Utilities Corp. (AQN) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Algonquin Power & Utilities is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date informat ...

Enters Into Cooperation Agreement with StarboardOAKVILLE, ON, April 18, 2024 /PRNewswire/ - Algonquin Power & Utilities Corp. ("Algonquin", "AQN" or the "Company") (TSX: AQN) (NYSE: AQN) today announced that its Board of Directors (the "Board") intends to add Brett Carter, former Executive Vice President and Group President, Utilities and Chief Customer Officer of Xcel Energy Inc., and Christopher Lopez, outgoing Executive Vice President, Chief Financial and Regulatory Officer of Hydro One Limited, to the B ...

OAKVILLE, ON, March 22, 2024 /PRNewswire/ - Algonquin Power & Utilities Corp. ("Algonquin" or the "Company") (TSX: AQN) (NYSE: AQN) today issued the following statement regarding the director nominations submitted by Starboard Value LP (together with its affiliates, "Starboard") to stand for election to the Algonquin Board of Directors at the Company's 2024 Annual General Meeting of Shareholders (the "Annual Meeting"): Algonquin maintains open communications with its shareholders and appreciates constructiv ...

z1bHigh-yield stocks (DIV) have been taking a beating in recent years due to soaring interest rates: Data by YChartsThis pullback has been particularly pronounced in sectors like REITs (VNQ) and utilities and infrastructure (UTF): Data by YChartsThat being said, there are numerous opportunities in these sectors that offer lucrative 6-10% yields. Not only that, but these yields are well-covered by cash flows, are growing year after year, and have very defensive business models, investment-grade balance s ...

OAKVILLE, ON, March 19, 2024 /PRNewswire/ - Further to the press releases of Algonquin Power & Utilities Corp. ("AQN" or the "Company") (TSX: AQN) (NYSE: AQN) dated February 20, 2024 and March 4, 2024, the Company announced today that none of its outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D (the "Series D Preferred Shares") will be converted on April 1, 2024 into Cumulative Floating Rate Preferred Shares, Series E (the "Series E Preferred Shares") of the Company. During the convers ...

Algonquin Power & Utilities Corp. (NYSE:AQN) Q4 2023 Earnings Conference Call March 8, 2024 8:30 AM ET Company Participants Brian Chin - Vice President, Investor Relations Chris Huskilson - Interim Chief Executive Officer Darren Myers - Chief Financial Officer Conference Call Participants Sean Steuart - TD Securities Nelson Ng - RBC Capital Markets Rob Hope - Scotiabank Paul Zimbardo - Bank of America Mark Jarvi - CIBC Ben Pham - BMO Capital Markets Operator Hello and welcome to the Algonquin Power & Utilit ...