Algonquin Power & Utilities (US:AQN)2023-05-10 16:00Revenue and Earnings - Revenue for the three months ended March 31, 2023, was $778.6 million, a 6.2% increase from $733.2 million in the same period of 2022[2] - Net earnings attributable to common shareholders rose significantly to $268.0 million in Q1 2023, up from $88.7 million in Q1 2022, marking a 201.5% increase[3] - Basic and diluted net earnings per share increased to $0.39 in Q1 2023, compared to $0.13 in Q1 2022[3] - Net earnings for the three months ended March 31, 2023, were $249,610, compared to $52,598 for the same period in 2022, representing a significant increase[14] - Net earnings attributable to shareholders of Algonquin Power & Utilities Corp. for the three months ended March 31, 2023, were $270,139,000, compared to $90,965,000 for the same period in 2022, representing an increase of 196%[74] - Basic and diluted net earnings per share for the three months ended March 31, 2023, were $268,047,000, up from $88,745,000 in the prior year, reflecting a significant growth in profitability[74] Operating Income and Expenses - Operating income increased to $142.5 million in Q1 2023, compared to $137.2 million in Q1 2022, reflecting a growth of 3.4%[2] - Operating income for the three months ended March 31, 2023, was $142,474,000, compared to $137,246,000 in the same period of 2022, showing a slight increase[79] - Cash provided by operating activities for Q1 2023 was $34,218, a decrease from $166,221 in Q1 2022[14] - The company’s cash paid for interest expense in Q1 2023 was $102,712, compared to $61,606 in Q1 2022[16] - Interest expense for the three months ended March 31, 2023, was $81,918,000, compared to $57,943,000 in the same period of 2022, representing an increase of approximately 41%[79] Assets and Liabilities - Total assets as of March 31, 2023, were $17.9 billion, a slight increase from $17.8 billion as of December 31, 2022[6] - Long-term debt increased to $7.3 billion as of March 31, 2023, compared to $7.1 billion at the end of 2022[8] - Total assets as of March 31, 2023, were $7,274,807, reflecting growth from previous periods[12] - Regulatory assets decreased to $160.2 million as of March 31, 2023, down from $190.4 million at the end of 2022[6] - Long-term investments carried at fair value increased to $1,523,520 as of March 31, 2023, from $1,344,207 as of December 31, 2022[30] - Long-term debt totaled $7,333,362 as of March 31, 2023, up from $7,088,743 at December 31, 2022, reflecting an increase of approximately 3.5%[40] - The total financial liabilities amount to $8.02 billion, with a fair value of $7.47 billion[89] Investments and Capital Expenditures - The company reported a gain from long-term investments of $220.0 million in Q1 2023, a significant recovery from a loss of $10.7 million in Q1 2022[2] - The company’s investments in property, plant, and equipment totaled $169,749 in Q1 2023, down from $327,699 in Q1 2022[14] - The Company made capital contributions of $10,309 to Texas Coastal Wind Facilities and $5,805 to projects under construction during the three months ended March 31, 2023[33] Shareholder Information - Cash dividends on common shares amounted to $95,893 in Q1 2023, slightly up from $93,381 in Q1 2022[16] - Dividends declared for common shares were $75,386 for the three months ended March 31, 2023, with a dividend per share of $0.1085, down from $115,574 and $0.1706 in 2022[64] - The number of common shares outstanding increased to 688,592,052 as of March 31, 2023, from 674,110,190 a year earlier, representing a growth of about 2.1%[51] Regulatory and Legal Matters - The California Public Utilities Commission authorized an annual revenue increase of $1,412 for Apple Valley Water System, effective March 2023, retroactive to July 1, 2022[25] - The California Public Utilities Commission authorized an annual revenue increase of $1,105 for Park Water System, effective March 2023, retroactive to July 1, 2022[25] - Liberty CalPeco is currently facing 17 active lawsuits related to the Mountain View Fire, with claims including negligence and wrongful death[83] Miscellaneous - The company plans to continue expanding its renewable energy portfolio and exploring strategic acquisitions to enhance growth opportunities[2] - The company terminated the Kentucky Acquisition Agreement on April 17, 2023, and is assessing potential costs incurred[21] - The company’s operating results are subject to seasonal fluctuations, impacting quarterly performance[18]