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Algonquin Power & Utilities (AQN) - 2023 Q4 - Annual Report
AQNAlgonquin Power & Utilities (AQN)2024-03-08 11:57
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Financial Performance - Fourth Quarter Adjusted EBITDA increased by 13% to 334.3million[3]−FourthQuarterAdjustedNetEarningsroseby18334.3 million[3] - Fourth Quarter Adjusted Net Earnings rose by 18% to 115.5 million[3] - Annual Adjusted EBITDA grew by 4% to 1,235.4million[3]−AnnualAdjustedNetEarningsdecreasedby111,235.4 million[3] - Annual Adjusted Net Earnings decreased by 11% to 372.0 million[3] - Net earnings attributable to shareholders for Q4 2023 were 186.3million,comparedtoalossof186.3 million, compared to a loss of 74.4 million in Q4 2022[22] - Adjusted EBITDA for Q4 2023 was 334.3million,upfrom334.3 million, up from 295.5 million in Q4 2022[22] - Adjusted Net Earnings for Q4 2023 were 115.5million,comparedto115.5 million, compared to 97.6 million in Q4 2022[24] - Adjusted Funds from Operations for Q4 2023 were 198.9million,upfrom198.9 million, up from 191.9 million in Q4 2022[26] - Dividends per common share decreased by 40% to 0.1085inQ4[4]RegulatedServicesGroupPerformance−RegulatedServicesGroupDivisionalOperatingProfitincreasedby110.1085 in Q4[4] Regulated Services Group Performance - Regulated Services Group Divisional Operating Profit increased by 11% to 238.3 million in Q4[4] - Regulated Services Group revenue decreased by 11% to 564.9millioninQ4[4]−RegulatedelectricitydistributionrevenueforQ42023was564.9 million in Q4[4] - Regulated electricity distribution revenue for Q4 2023 was 297.0 million, down from 325.8millioninQ42022[28]−RegulatedgasdistributionrevenueforQ42023was325.8 million in Q4 2022[28] - Regulated gas distribution revenue for Q4 2023 was 167.4 million, down from 221.8millioninQ42022[28]−RegulatedwaterreclamationanddistributionrevenueforQ42023was221.8 million in Q4 2022[28] - Regulated water reclamation and distribution revenue for Q4 2023 was 100.5 million, up from 89.0millioninQ42022[28]−DivisionalOperatingProfitfortheRegulatedServicesGroupinQ42023was89.0 million in Q4 2022[28] - Divisional Operating Profit for the Regulated Services Group in Q4 2023 was 238.3 million, up from 214.4millioninQ42022[28]RenewableEnergyGroupPerformance−RenewableEnergyGroupplacedinservice453MWofnewwindandsolargenerationin2023[6]−RenewableEnergyGrouprevenuedeclinedby7214.4 million in Q4 2022[28] Renewable Energy Group Performance - Renewable Energy Group placed in service 453 MW of new wind and solar generation in 2023[6] - Renewable Energy Group revenue declined by 7% to 82.1 million in Q4[4] - Revenue from Hydro decreased to 9.0millioninQ42023from9.0 million in Q4 2023 from 13.1 million in Q4 2022, a decline of 31.3%[30] - Wind energy revenue dropped to 59.4millioninQ42023from59.4 million in Q4 2023 from 64.5 million in Q4 2022, a decrease of 7.9%[30] - Solar energy revenue increased to 6.6millioninQ42023from6.6 million in Q4 2023 from 2.8 million in Q4 2022, a growth of 135.7%[30] - Total Non-Regulated Energy Sales fell to 82.1millioninQ42023from82.1 million in Q4 2023 from 88.6 million in Q4 2022, a decrease of 7.3%[30] - Net Energy Sales decreased to 78.1millioninQ42023from78.1 million in Q4 2023 from 83.2 million in Q4 2022, a decline of 6.1%[30] - Total Net Revenue dropped to 86.0millioninQ42023from86.0 million in Q4 2023 from 91.1 million in Q4 2022, a decrease of 5.6%[30] - Operating expenses decreased to 30.5millioninQ42023from30.5 million in Q4 2023 from 31.7 million in Q4 2022, a reduction of 3.8%[30] - Dividend, interest, equity and other income increased to 32.8millioninQ42023from32.8 million in Q4 2023 from 21.6 million in Q4 2022, a growth of 51.9%[30] - HLBV income decreased to 19.3millioninQ42023from19.3 million in Q4 2023 from 20.5 million in Q4 2022, a decline of 5.9%[30] - Divisional Operating Profit rose to 107.6millioninQ42023from107.6 million in Q4 2023 from 101.5 million in Q4 2022, an increase of 6.0%[30] Debt and Income - Long-term Debt increased by 13% to 8,516.0million[4]−HLBVincomeforQ42023was8,516.0 million[4] - HLBV income for Q4 2023 was 16.8 million, compared to 2.2millioninQ42022[28]UtilitySales−NetUtilitySalesforQ42023were2.2 million in Q4 2022[28] Utility Sales - Net Utility Sales for Q4 2023 were 403.3 million, compared to $392.8 million in Q4 2022[28]