Algonquin Power & Utilities Corp. (AQN - Free Report) reported second-quarter 2019 earnings of 11 cents per share, lagging the Zacks Consensus Estimate of 13 cents by 15.4%. The reported earnings were on par with the year-ago figure.
Algonquin Power & Utilities generated total revenues of $343.6 million in second-quarter 2019, lagging the Zacks Consensus Estimate of $372 million by 7.6%. The top line also declined 6% from $366.1 million in the year-ago quarter.
Highlights of the Release
During the quarter, the company entered into an agreement to acquire Bermuda Electric Light Company, the sole provider of regulated electrical generation, transmission and distribution services to nearly 63,000 residents and businesses in Bermuda. This acquisition is expected to close by the end of this year.
Total expenses in the reported quarter were $281.1 million, down 3.4% from the year-ago level due to lower operating expenses, and decline in the cost of water, gas and electricity purchased.
Operating income in the reported quarter was $62.9 million, down 16.9% year over year.