Atlantic Power Corporation delivered third-quarter 2019 operating earnings of 10 cents per share, which beat the Zacks Consensus Estimate of 5 cents by 100%. The company incurred a loss of 3 cents in the year ago quarter.
Total revenues in the third quarter amounted to $71.1 million, up 8.7% from $65.4 million in the year-ago quarter.
Project revenues increased due to the acquisition of Allendale and Dorchester in July 2019, higher water flows at Curtis Palmer as well as lower depreciation and amortization expenses.
Highlights of the Release
The company completed the acquisition of the Allendale and Dorchester contracted biomass plants for $12.6 million. It also acquired the equity interests in the Craven County and Grayling contracted biomass plants for $18.7 million.
In the third quarter, project expenses amounted to $55.1million compared with the prior-year quarter’s figure of $55.7 million.
Project income amounted to $27.9 million, up 6.5% year over year.
The company incurred interest expenses of $10.9 million, down from $14.6 million in the prior-year quarter.
As of Sep 30, 2019, ONEOK had cash and cash equivalents of $58.1 million compared with $68.3 million as of Dec 31, 2018.
Long-term debt, net of unamortized discount and deferred financing costs, amounted to $457.3 million as of Sep 30 compared with $540.7 million as of Sep 30, 2018.
The company’s net cash provided by operating activities in the first nine months of 2019 was $104.5 million compared with net cash provided by operating activities of $97.8 million in the year-ago period.
The company now expects its 2019 Project Adjusted EBITDA in the range of $185-$195 million. The previous range was $175- $190 million.
Atlantic Power carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy, Inc (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%.
Xcel Energy Inc (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.
American Electric Power Co., Inc (AEP - Free Report) reported third-quarter 2019 adjusted earnings of $1.46 per share, which surpassed the Zacks Consensus Estimate of $1.30 by 12.3%.
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