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Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. Announces 2017 First Quarter Financial Results



May 12, 2017

Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") announced financial results for the first quarter ended March 31, 2017.

First Quarter Financial Highlights

APUC recorded strong first quarter financial results compared to the same period last year, primarily as a result of the acquisition of The Empire District Electric Company ("Empire"):

  • Reported revenue was $557.9 million in the first quarter of 2017, as compared to $341.7 million for the same period in 2016.
  • Reported net earnings attributable to shareholders was $26.0 million or $0.07 per share in the first quarter of 2017, as compared to net earnings of $42.0 million or $0.15 for the same period in 2016.
  • Reported cash provided by operating activities was $83.8 million in the first quarter of 2017, as compared to $53.4 million for the same period in 2016.
  • Adjusted Net Earnings1 of $88.1 million or $0.25 per share were reported in the first quarter of 2017, as compared to Adjusted Net Earnings of $56.1 million or $0.21 per share for the same period in 2016.
  • Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization ("Adjusted EBITDA"1) of $254.8 million were reported in the first quarter of 2017, as compared to $147.9 million for the same period in 2016.
  • Adjusted Funds from Operations1 of $208.9 million were reported in the first quarter of 2017, as compared to $121.8 million for the same period in 2016.

First Quarter Highlights

  • On January 1, 2017, APUC successfully completed the acquisition of Empire, a Joplin, Missouri based regulated electric, gas, and water utility that serves approximately 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas.  With the completion of the acquisition, APUC has materially expanded its utility operations in the U.S., now serving approximately 780,000 electric, gas, and water utility customers through its 2,200 employees, and growing its portfolio of regulated and non-regulated power generating facilities to a total generating capacity exceeding 2,900 MW.
  • On January 16, 2017, APUC's Board of Directors approved a 10% dividend increase to a total annual dividend of U.S. $0.4659 per common share, paid quarterly at a rate of U.S. $0.1165 per common share.  Management and the Board of Directors believe that the dividend increase is consistent with APUC's stated strategy of delivering total shareholder return comprised of an attractive current dividend yield and capital appreciation.
  • On February 21, 2017, the 150 MW Deerfield Wind Facility achieved its commercial operations date ("COD").  The facility, located in central Michigan, is expected to generate 555.2 GW-hrs of energy annually and has a 20 year power purchase agreement with a Michigan-based electric utility.
  • On January 11, 2017, the 10 MW Bakersfield II Solar Facility achieved COD.  The facility, located in Kern County, California, is expected to generate 24.2 GW-hrs of energy annually and has a 20 year power purchase agreement with a California-based electric utility.
  • On February 15, 2017, the 50 MW Luning Solar Facility achieved COD.  The facility, located in Mineral County, Nevada, is expected to generate 144.6 GW-hrs of energy annually and its output is dedicated to satisfying the renewable energy needs of the California-based electric distribution customers of the Liberty Utilities Group.

"We are pleased to report strong first quarter financial and operational results. The year-over-year growth in our earnings and cash flows are evidence of the continued successful execution against our growth plans and affirm our Board's decision this past January to increase the dividend by 10%; representing our seventh consecutive year of double digit dividend growth," commented Ian Robertson, Chief Executive Officer of APUC. "In addition to successfully closing and welcoming Empire into the Liberty Utilities family, our 150 MW Deerfield Wind Facility and the 50 MW Luning Solar Facility became fully operational during the quarter and will contribute to our results over the balance of the year."

APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com.

Click here to read the full press release.

For more information:

Organization:
Algonquin Power & Utilities Corp.

Address:
2845 Bristol Cir
Oakville, Ontario
L6H 7H7
www.algonquinpower.com
Tel: 905-465-4500


Link http://www.electricenergyonline.com/detail_news.php?ID=637527
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