Algonquin Power & Utilities Corp. (AQN - Free Report) reported third-quarter 2019 earnings of 14 cents per share, beating the Zacks Consensus Estimate of 13 cents by 7.7%. Moreover, the reported earnings were 40% higher than the year-ago figure of 10 cents.
Algonquin Power & Utilities generated total revenues of $365.6 million in third-quarter 2019, lagging the Zacks Consensus Estimate of $376 million by 2.8%. The top line also declined 0.2% from $366.2 million in the year-ago quarter.
Highlights of the Release
The Maverick Creek Wind Project joint venture between Algonquin Power & Utilities and Renewable Energy Systems Americas Inc. to develop the 480-megawatt Maverick Creek Wind Project located in Concho County, TX was formed during the third quarter. This will enable Algonquin Power & Utilities to enhance its renewable footprint.
Total expenses in the reported quarter were $281.3 million, on par with the year-ago figure.
Operating income in the reported quarter was $84.3 million, down 0.7% year over year.