Algonquin Power & Utilities (US:AQN)2025-11-07 12:14Financial Performance - Revenue for the three months ended September 30, 2025, was $582.7 million, a 1.9% increase from $573.2 million in the same period of 2024[2] - Operating income for the three months ended September 30, 2025, was $149.7 million, up 34.6% from $111.1 million in the prior year[2] - Net earnings attributable to shareholders for the three months ended September 30, 2025, were $38.9 million, compared to a loss of $1,305.7 million in the same period of 2024[2] - Basic and diluted net earnings per share from continuing operations for the three months ended September 30, 2025, were $0.09, compared to $0.06 in 2024[2] - The company reported a comprehensive income of $31.5 million for the nine months ended September 30, 2025, compared to a loss of $1,228.3 million in the same period of 2024[3] - The net earnings for the three months ended September 30, 2025, were $23.9 million, compared to a net loss of $1,330.6 million for the same period in 2024[7] - Net earnings from continuing operations attributable to common shareholders for Q3 2025 were $71.0 million, compared to $46.8 million in Q3 2024, representing a 51.1% increase[57] - The net loss from discontinued operations attributable to common shareholders for Q3 2025 was $(34.8) million, a significant improvement from $(1,355.2) million in Q3 2024[57] Assets and Liabilities - Total assets as of September 30, 2025, were $13,788.4 million, a decrease from $16,961.7 million as of December 31, 2024[4] - Long-term debt as of September 30, 2025, was $6,163.0 million, slightly down from $6,207.0 million at the end of 2024[5] - Cash and cash equivalents increased to $62.2 million as of September 30, 2025, from $34.8 million at the end of 2024[4] - As of September 30, 2025, Algonquin Power & Utilities Corp. reported total equity of $5,074.2 million, a decrease from $7,686.5 million on June 30, 2024[6] - The total deficit increased to $2,929.3 million as of September 30, 2025, from $2,690.3 million on September 30, 2024[7] - The total financial liabilities as of September 30, 2025, were $6,182.5 million, with long-term debt recorded at $6,163.0 million[73] Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2025, was $417.6 million, compared to $433.6 million for the same period in 2024[11] - The company recorded cash paid for interest expense of $242.1 million for the nine months ended September 30, 2025, compared to $330.2 million for the same period in 2024[12] - The company reported an increase in cash, cash equivalents, and restricted cash to $86.7 million as of September 30, 2025, from $156.3 million at the end of the previous period[12] - The company accrued estimated losses of $178.4 million for claims arising out of the Mountain View Fire, with expected recoveries of $116.0 million through insurance[32] - The company reported a derecognition on the sale of the renewable energy business amounting to $1,064.1 million[8] Dividends and Shareholder Returns - The company declared dividends and distributions to non-controlling interests amounting to $51.9 million for the three months ended September 30, 2025[6] - Cash dividends on common shares for the nine months ended September 30, 2025, totaled $151.0 million, compared to $234.5 million for the same period in 2024[12] - Dividends declared for common shares in the three months ended September 30, 2025, were $50.5 million, consistent with $50.4 million in 2024, maintaining a dividend per share of $0.0650[49] - For the nine months ended September 30, 2025, total dividends declared for common shares were $151.3 million, a decrease from $209.6 million in 2024, with a dividend per share of $0.1950 compared to $0.2820[50] Regulatory and Compliance - Regulatory assets increased to $1,169.9 million as of September 30, 2025, compared to $1,126.1 million at the end of 2024[4] - Total regulatory assets increased to $1,372.7 million as of September 30, 2025, compared to $1,321.0 million as of December 31, 2024[30] - The Company recognized carrying charges on regulatory balances of $4.7 million and $16.0 million for the three and nine months ended September 30, 2025, respectively[30] Capital Expenditures and Investments - Capital expenditures for Q3 2025 were $146.8 million, down from $175.0 million in Q3 2024, representing a decrease of 16.1%[61] - Capital expenditures for the nine months ended September 30, 2025, totaled $386.1 million, down from $503.4 million in the same period of 2024, a reduction of about 23.3%[65] - Long-term investments increased to $209.2 million as of September 30, 2025, from $67.8 million as of December 31, 2024[33] Other Comprehensive Income and Taxation - The accumulated other comprehensive income (AOCI) balance as of September 30, 2025, was $4.1 million, a significant improvement from a loss of $102.3 million at the beginning of 2024[51] - The income tax expense for the three months ended September 30, 2025, was $27.0 million, compared to $6.4 million in 2024, reflecting an effective tax rate that differs from the Canadian statutory rate of 26.5%[52] - The Company recognized an income tax recovery of $10.6 million during the nine months ended September 30, 2025, due to the sale of investment tax credits[93] Strategic Focus and Future Outlook - The company plans to focus on market expansion and new technology development to enhance future growth prospects[1]