Atlantic Power (AT) Tops Q1 EPS by 9c, Revenues Miss

Atlantic Power (NYSE: AT) reported Q1 EPS of $0.07, $0.09 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $73 million versus the consensus estimate of $83.3 million.

"First quarter results made for a solid start to the year, with Project Adjusted EBITDA and operating cash flow both ahead of our expectations, mostly due to strong performance by Curtis Palmer and the timing of certain cash receipts. During the quarter, we repaid $15.8 million of debt using operating cash flow and earlier this month we allocated $18.9 million of discretionary cash to the redemption of our remaining Series D convertible debentures. We expect to repay another $52 million of consolidated debt by year-end, and improve our leverage ratio to approximately 4 times," said James J. Moore, Jr., President and CEO of Atlantic Power. "We will continue to look for opportunities to allocate our strong liquidity to growth investments and repurchases of common and preferred shares, but only when such uses are accretive to our estimates of intrinsic value per share."

For earnings history and earnings-related data on Atlantic Power (AT) click here.

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