Algonquin Power shows growth
Algonquin Power,on August 14, released it's second quarter results as well as development on it's major projects.Revenue was $189 million compared to $149 million in Q2 2013.This is primarily the result of the acquisition of some regulated utilities and higher rates at Granite State Electric.For six months it generated revenue of $532 million as compared to $342 million in 2013.Net earnings from Q2 were $16.5 million compared to $15.8 million in 2013 and net earnings of $51 million for the first half compared to $36 million in 2013;this breaks down to $.16 per share versus $.22 per share in 2014 which is a 38% increase.Also adjusted EBITDA was $66 million in Q2 versus $56 million in Q2 2013 and adjusted EBITDA for six months was $165 million compared to $120 million in 2013 .All these good results allowed Algonquin Power to raise it's dividend from $.35 to $.38 per share.
Growth Highlights
Algonquin has also seen development on several of it's new projects.Cornwall Solar recorded a full quarter of commercial operations and generated revenue of $2.4 million; the next quarter will be improved upon.A second solar station in Bakersfield, California began construction in Q2 and will begin operation in late 2014.Also construction is well advanced in St Damase,Quebec.This is a 24MW wind generating station and will begin operation in the first half of 2015.
Algonquin also showed improvements in it's existing operations.It received approval for an annual revenue increase of US $4.7 million in it's Peach State Gas System and rate increases of US $1.8 million for the Litchfield Park operation in Arizona.Lastly it acquired the White Hall Water System to distribute water and treat waste water in White Hall, Arkansas at a price of $4.5 million.
Algonquin Power owns a diversified portfolio of assets worth about $3.6 billion now and so it in this quarter arranged for an increased credit facility to $350 million from $200 million.This will ensure future growth of profitable projects.
Earnings for 2014
Algonquin has a lot of promising projects that will come onstream or become more profitable in the second half of 2014.In addition,it has seen earnings per share rise by 38% over 2013 in the first half.Earnings are on track to hit $.47 to $.50 per share for 2014.This would be a 40 to 45% increase over 2013 when the price was trading in the $7.25 to $8.00 price range.The price seems on track to hit $10.00 before October and $12.00 by the end of the year.However this blog would like to see more growth in Canada.
Growth Highlights
Algonquin has also seen development on several of it's new projects.Cornwall Solar recorded a full quarter of commercial operations and generated revenue of $2.4 million; the next quarter will be improved upon.A second solar station in Bakersfield, California began construction in Q2 and will begin operation in late 2014.Also construction is well advanced in St Damase,Quebec.This is a 24MW wind generating station and will begin operation in the first half of 2015.
Algonquin also showed improvements in it's existing operations.It received approval for an annual revenue increase of US $4.7 million in it's Peach State Gas System and rate increases of US $1.8 million for the Litchfield Park operation in Arizona.Lastly it acquired the White Hall Water System to distribute water and treat waste water in White Hall, Arkansas at a price of $4.5 million.
Algonquin Power owns a diversified portfolio of assets worth about $3.6 billion now and so it in this quarter arranged for an increased credit facility to $350 million from $200 million.This will ensure future growth of profitable projects.
Earnings for 2014
Algonquin has a lot of promising projects that will come onstream or become more profitable in the second half of 2014.In addition,it has seen earnings per share rise by 38% over 2013 in the first half.Earnings are on track to hit $.47 to $.50 per share for 2014.This would be a 40 to 45% increase over 2013 when the price was trading in the $7.25 to $8.00 price range.The price seems on track to hit $10.00 before October and $12.00 by the end of the year.However this blog would like to see more growth in Canada.
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