Algonquin Power Stock Price, News & Analysis

Algonquin Power & Utilities Corp. (AQN) has successfully completed the sale of its 42.2% equity stake in Atlantica Sustainable Infrastructure plc. CEO Chris Huskilson emphasized this transaction as a key achievement in optimizing the company's investment in Atlantica and advancing AQN's strategic transition to become a pure-play regulated utility company. The company plans to use the proceeds to reduce debt and recapitalize its balance sheet. J.P. Morgan Securities served as the financial advisor, with Weil, Gotshal & Manges LLP acting as legal advisor for the transaction.

Algonquin Power & Utilities (AQN) has announced its Q4 2024 dividend distributions. The company will pay US$0.0650 (C$0.0901) per common share on January 15, 2025, to shareholders of record on December 31, 2024. For preferred shares, Series A holders will receive C$0.41100 and Series D holders will receive C$0.42831, both payable on December 31, 2024. The company notes that its dividend reinvestment plan (DRIP) remains suspended since March 16, 2023. All dividends qualify as eligible dividends under Canadian tax legislation.

Algonquin Power & Utilities (AQN) reported Q3 2024 financial results showing mixed performance. Net Utility Sales reached $442.9 million, up 6%, and Adjusted EBITDA increased 4% to $264.4 million. However, Adjusted Net Earnings decreased 5% to $64.9 million, with earnings per share dropping 20% to $0.08. The company announced progress in its strategic transition, including the sale of its renewables business to LS Power for up to $2.5 billion. Notable developments include new rate case filings, with CalPeco Electric seeking a $39.8 million revenue increase and Empire Electric requesting $92.1 million in Missouri.

Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) has announced the release date for its third quarter 2024 financial results. The company will publish its results on Thursday, November 7, 2024, before market open. Following the release, AQN will host an earnings conference call at 10:00 a.m. eastern time on the same day.

The call will be led by Chief Executive Officer, Chris Huskilson, and Chief Financial Officer, Darren Myers. Investors and analysts can participate in the conference call using the provided toll-free and toll dial-in numbers, along with the conference ID. Additionally, a webcast of the presentation will be available on the company's website.

LS Power has agreed to acquire Algonquin Power & Utilities Corp.'s (AQN) renewable energy business, significantly expanding its renewable portfolio. The acquisition includes 44 operating assets with over 3,000 MW capacity and an 8,000 MW project pipeline across the US and Canada. The deal, expected to close in Q4 2024 or Q1 2025, will complement LS Power's existing 19,000 MW fleet of renewable and flexible energy projects.

The acquired assets are strategically located across major US markets (NYISO, MISO, PJM, ERCOT, CAISO) and Canada. This move aligns with LS Power's focus on meeting rising electric demand and advancing the energy transition through its various platforms, including REV Renewables, EVgo, CPower Energy Management, and others.

Algonquin Power & Utilities Corp. (AQN) has declared its third quarter 2024 dividends for common and preferred shares. The company will pay US$0.0650 (C$0.0893) per common share on October 15, 2024, to shareholders of record on September 30, 2024. For preferred shares, AQN will distribute C$0.41100 per Series A share and C$0.42831 per Series D share on October 1, 2024, to holders of record on September 13, 2024. The dividends will be paid in cash, as AQN suspended its dividend reinvestment plan (DRIP) for common shares on March 16, 2023. Shareholders can request to receive dividends in either U.S. or Canadian dollars, with the Canadian equivalent based on the Bank of Canada's exchange rate one day before the declaration date.

Algonquin Power & Utilities Corp. (AQN) reported its Q2 2024 financial results, highlighting progress towards becoming a pure-play regulated utility. Key points include:

- Agreement to sell renewable energy business to LS Power for up to $2.5 billion
- Q2 Adjusted EBITDA of $311.0 million, up 12% year-over-year
- Q2 Adjusted Net Earnings of $65.2 million, up 16% year-over-year
- Q2 Adjusted Net Earnings per share of $0.09, up 13% year-over-year
- Dividend reduced by 40% to $0.065 per share for Q3 2024
- Plans to reduce capital expenditures and focus on improving earnings and capital sustainability

The company aims to strengthen its balance sheet, enhance earnings quality, and create long-term value for customers and shareholders through these strategic moves.

Algonquin Power & Utilities Corp. (AQN) has agreed to sell its renewable energy business (excluding hydro) to LS Power for up to $2.5 billion. The transaction includes $2.28 billion in cash at closing and up to $220 million in earn-out payments. This strategic move aims to transform AQN into a pure-play regulated utility, strengthen its balance sheet, and enhance earnings quality.

The deal is expected to close in Q4 2024 or Q1 2025, subject to regulatory approvals. AQN anticipates receiving approximately $1.6 billion in net cash proceeds after adjustments. The company's board unanimously approved the transaction, which aligns with AQN's objective to create long-term value for customers and shareholders.

Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) announced it will release its second-quarter 2024 financial results on August 9, 2024, before market open. The results will be discussed in an earnings conference call at 8:30 a.m. ET the same day, hosted by CEO Chris Huskilson and CFO Darren Myers. Investors and analysts can join the call via toll-free dial-in at 1 (800) 715-9871 or toll dial-in at 1 (647) 932-3411 using Conference ID 9608227. The event will also be webcasted, with a presentation available at www.algonquinpower.com.