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Algonquin Power & Utilities (AQN) Q4 Earnings Match Estimates

Algonquin Power & UtilitiesAQN fourth-quarter 2021 earnings of 21 cents per share came in line with the Zacks Consensus Estimate and the year-ago quarter figure.

In 2021, earnings per share were 71 cents, up 10.9% year over year. Earnings matched the Zacks Consensus Estimate.

Revenues

Algonquin Power & Utilities’ revenues of $594.8 million surpassed the Zacks Consensus Estimate of $594 million by 0.1%. The top line also improved 21% from the year-ago figure of $491 million.

In 2021, total revenues of $2.28 billion improved 36% year over year from $1.68 billion. Total revenues came in line with the Zacks Consensus Estimate.

 

Highlights of the Release

Algonquin Power & Utilities continues to work on its ‘greening the fleet' initiative. This initiative includes the addition of 600 MW new wind energy generation providing services to Regulated Services Group's electric customers.

Algonquin Power & Utilities’ unit completed the acquisition of the North Fork Ridge Wind Facility, Kings Point and Neosho Ridge Wind Facilities, which will assist in achieving its clean energy generation target.

Total expenses in 2021 increased nearly 46.6% year over year to $1.8 billion.

Operating income in 2021 increased nearly 9.2% year over year to $419.3 million.

Interest expenses were $209.6 million in 2021, up 15.2% from the 2020 level.

Financial Highlights

Cash and cash equivalents were $125.2 million as of Dec 31, 2021, compared with $101.6 million on Dec 31, 2020.

Long-term debt was $5,854.9 million as of Dec 31, 2021, compared with $4,398.6 million on Dec 31, 2020.

Cash provided from operating activities in 2021 was $157.4 million compared with $505.2 million in 2020.

Guidance

Algonquin Power & Utilities expects 2022 earnings per share in the range of 72-77 cents per share.  The mid-point of the guidance range is 75 cents, which is on par with the Zacks Consensus Estimate.

Algonquin Power & Utilities reiterated its long-term capital expenditure plans and aims to invest $12.4 billion in the 2022-2026 time frame.  Out of the planned expenditure, AQN will invest 70% in Regulated Services Group and 30% will be invested in Renewable Energy Group

Zacks Rank

Algonquin Power & Utilities currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy NEE reported fourth-quarter 2021 operating earnings per share of 41 cents, which surpassed the Zacks Consensus Estimate of 40 cents by 2.5%. NextEra Energy’s long-term (three to five) earnings growth is projected at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings indicates year-over-year growth of 8.6%.

Dominion Energy Inc. D reported fourth-quarter 2021 operating earnings of 90 cents per share, on par with the Zacks Consensus Estimate. Dominion’s long-term earnings growth is projected at 6.6%. The Zacks Consensus Estimate for D’s 2022 earnings indicates year-over-year growth of 6.7%.

AVANGRID, Inc. AGR reported fourth-quarter 2021 earnings of 44 cents per share, beating the Zacks Consensus Estimate of 39 cents by 12.8%. AVANGRID’s long-term earnings growth is projected at 7.7%. The Zacks Consensus Estimate for AGR’s 2023 earnings indicates year-over-year growth of 13.9%.


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