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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.
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