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What Awaits Algonquin Power & Utilities (AQN) in Q1 Earnings?
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Algonquin Power & Utilities Corp (AQN - Free Report) is slated to release first-quarter 2023 financial results on May 11. The utility delivered a positive earnings surprise of 15.8% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Algonquin Power & Utilities continues to work on its strategic plan and optimize its portfolio through an asset recycling program, which reduces the need for equity issue until 2024. This will benefit first-quarter earnings as it reduces the possibility of the dilutive impact of additional shares.
Algonquin Power & Utilities’ Regulated and Renewables businesses are well-positioned to benefit from the ongoing transition in the utility space, which is also expected to have a positive impact on earnings in the yet-to-be-reported quarter.
Q1 Expectation
The Zacks Consensus Estimate for first-quarter revenues and earnings per share is pegged at $784.6 million and 16 cents, respectively. Revenues indicate 6.6% year-over-year growth, while earnings reflect a 23.8% decline from the year-ago reported figures.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Algonquin Power & Utilities this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Algonquin Power & Utilities Corp. Price and EPS Surprise
Earnings ESP: Its Earnings ESP is -2.44%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Eversource currently carries a Zacks Rank #4 (Sell).
Stocks Reporting Positive Surprise
Here are a few other companies worth considering from the same industry that have reported a positive earnings surprise and a positive revision in estimates this season.
NextEra Energy, Dominion Energy Inc. and PPL Corporation reported average positive surprise of 7.4%, 1.7% and 3.1%, respectively, in the past four quarters. The current dividend yield of NextEra Energy, Dominion Energy Inc. and PPL Corporation are 2.5%, 4.7% and 3.4%, respectively.
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What Awaits Algonquin Power & Utilities (AQN) in Q1 Earnings?
Algonquin Power & Utilities Corp (AQN - Free Report) is slated to release first-quarter 2023 financial results on May 11. The utility delivered a positive earnings surprise of 15.8% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Algonquin Power & Utilities continues to work on its strategic plan and optimize its portfolio through an asset recycling program, which reduces the need for equity issue until 2024. This will benefit first-quarter earnings as it reduces the possibility of the dilutive impact of additional shares.
Algonquin Power & Utilities’ Regulated and Renewables businesses are well-positioned to benefit from the ongoing transition in the utility space, which is also expected to have a positive impact on earnings in the yet-to-be-reported quarter.
Q1 Expectation
The Zacks Consensus Estimate for first-quarter revenues and earnings per share is pegged at $784.6 million and 16 cents, respectively. Revenues indicate 6.6% year-over-year growth, while earnings reflect a 23.8% decline from the year-ago reported figures.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Algonquin Power & Utilities this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Algonquin Power & Utilities Corp. Price and EPS Surprise
Algonquin Power & Utilities Corp. price-eps-surprise | Algonquin Power & Utilities Corp. Quote
Earnings ESP: Its Earnings ESP is -2.44%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Eversource currently carries a Zacks Rank #4 (Sell).
Stocks Reporting Positive Surprise
Here are a few other companies worth considering from the same industry that have reported a positive earnings surprise and a positive revision in estimates this season.
NextEra Energy (NEE - Free Report) , Dominion Energy Inc. (D - Free Report) and PPL Corporation (PPL - Free Report) surpassed the Zacks Consensus Estimate in first-quarter 2023 by 12%, 1.02% and 9.1%, respectively. All three stocks currently have a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
NextEra Energy, Dominion Energy Inc. and PPL Corporation reported average positive surprise of 7.4%, 1.7% and 3.1%, respectively, in the past four quarters. The current dividend yield of NextEra Energy, Dominion Energy Inc. and PPL Corporation are 2.5%, 4.7% and 3.4%, respectively.