Algonquin Power ( (AQN) ) has released its Q4 earnings. Here is a breakdown of the information Algonquin Power presented to its investors.
Algonquin Power & Utilities Corp., a diversified international utility company, focuses on providing sustainable energy and water solutions across North America. In its latest earnings report, Algonquin Power revealed mixed financial results for the fourth quarter and full year of 2024, highlighting its strategic shift towards becoming a pure-play utility. The company reported a notable increase in fourth-quarter net utility sales by 8% to $426 million, although adjusted EBITDA decreased by 5% to $248.6 million. Annual net utility sales rose by 4% to $1.687 billion, while adjusted net earnings per share dropped by 23% to $0.30. Algonquin Power’s strategic transition involved significant corporate actions, including the sale of its renewable energy business and a 42.2% stake in Atlantica Sustainable Infrastructure, generating substantial proceeds to reduce debt and strengthen its balance sheet. Looking ahead, Algonquin Power’s management remains optimistic about its transformation into a focused utility company, with new leadership poised to drive further progress in 2025.