Atlantic Power has a comparable quarter
Atlantic Power reported it's Q1 for 2014.It reported a net loss of $19 million compared to a net income of $6.5 million in the previous year.This compares to a net income of $4.9 million in Q4.These results are basically similar when compared to the net loss of Q4 2012 of $58 million.That's because Atlantic Power has restructured in 2012 and 2013.It divested losing assets in 2013 and early 2014.In addition, it did some refinancing in this quarter and reduced it's cost of capital and lengthened it's debt maturity.This cost some money and reduced it's net income.
In addition,Atlantic Power has continually increased it's project revenue.In 2012 for the full year it was $440 million and $550 million for 2013.Project revenue increased again in this quarter compared to the same quarter last year -from $114 to $130 million.
Differences
EBITDA for the quarter was about $75 million compared to $80 million for last year.However Atlantic made significant divestitures
in 2013 and counted the revenues and income in this quarter for last year.They will not count these revenues in the next quarter and investors will see a big difference in the next quarter. Atlantic is also paying off a new plant called Piedmont that should increase EBITDA in the following quarters.Also Atlantic was affected by plant outages in this quarter.Atlantic is now more healthy in terms of it's financing and has reduced it's cost of capital.
Guidance
2012 was a bad year for Atlantic(ATP) as it rolled up a big loss of $112 million.It got rid of unproductive assets and built one or two new plants.2013 was better as new cash came in and new plants were started.Yet it still recorded a $33 million loss.True it reported a $19 million loss for this quarter but this was for tax purposes as they had a EBITDA of $75 million.They are on guidance to meet their annual forecast of EBITDA of $280 to $ 300 million.Yet ATP has still a lot of assets to write off and will likely only report a small net income for 2014.Interestingly they divested a lot of assets in 2013 but total assets are almost as high now as in 2013.That's because ATP has almost completely bounced back.
In addition,Atlantic Power has continually increased it's project revenue.In 2012 for the full year it was $440 million and $550 million for 2013.Project revenue increased again in this quarter compared to the same quarter last year -from $114 to $130 million.
Differences
EBITDA for the quarter was about $75 million compared to $80 million for last year.However Atlantic made significant divestitures
in 2013 and counted the revenues and income in this quarter for last year.They will not count these revenues in the next quarter and investors will see a big difference in the next quarter. Atlantic is also paying off a new plant called Piedmont that should increase EBITDA in the following quarters.Also Atlantic was affected by plant outages in this quarter.Atlantic is now more healthy in terms of it's financing and has reduced it's cost of capital.
Guidance
2012 was a bad year for Atlantic(ATP) as it rolled up a big loss of $112 million.It got rid of unproductive assets and built one or two new plants.2013 was better as new cash came in and new plants were started.Yet it still recorded a $33 million loss.True it reported a $19 million loss for this quarter but this was for tax purposes as they had a EBITDA of $75 million.They are on guidance to meet their annual forecast of EBITDA of $280 to $ 300 million.Yet ATP has still a lot of assets to write off and will likely only report a small net income for 2014.Interestingly they divested a lot of assets in 2013 but total assets are almost as high now as in 2013.That's because ATP has almost completely bounced back.
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