Algonquin Power & Utilities Slashes FY22 Outlook As Q3 Adj. EPS Misses Estimates

RTTNews | 1022 days ago
Algonquin Power & Utilities Slashes FY22 Outlook As Q3 Adj. EPS Misses Estimates

(RTTNews) - Algonquin Power & Utilities Corp. (AQN, AQN.TO) reported Friday a net loss attributable to shareholders for the third quarter of $195.2 million or $0.29 per share, sharply wider than $27.9 million or $0.05 per share in the prior-year quarter.

Excluding items, adjusted net earnings for the quarter was $0.11 per share, compared to $0.15 per share in the year-ago quarter.

Revenues for the quarter increased 26 percent to $666.7 million from $528.6 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share on revenues of $594.76 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company now projects adjusted net earnings in a range of $0.66 to $0.69 per share, down from the prior guidance range of $0.72 to $0.77 per share. The Street is looking for earnings of $0.74 per share for the year.

Given the challenging macroeconomic environment, which is expected to continue into 2023, the Company said it is evaluating its longer-term targets and financial expectations.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

read more
Chicago Business Barometer Slumps Much More Than Expected In August

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.
RTTNews | 2h 58min ago
U.S. Consumer Prices Increase In Line With Estimates In July

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.
RTTNews | 3h 41min ago
German Unemployment Exceeds 3 Mln

German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1
RTTNews | 4h 11min ago
Pound Slides Against Majors

Pound Slides Against Majors

The British pound weakened against other major currencies in the European session on Friday, weighed down to a large extent by the weakness in the financial sector, amid reports of likely imposition of windfall tax on banks.
RTTNews | 5h 25min ago