Atlantic Power (AT) Tops Q4 EPS by 26c
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Atlantic Power (NYSE: AT) reported Q4 EPS of $0.30, $0.26 better than the analyst estimate of $0.04. Revenue for the quarter came in at $71.7 million, versus $66.2 million reported last year.
Fourth Quarter 2020 Financial Results
- Net income attributable to Atlantic Power of $34.2 million or $0.30 per diluted share included a $10.2 million insurance gain at Cadillac and an income tax benefit; Q4 2019 results were a net loss of $65.3 million or $0.60 per diluted share
- Cash from operating activities of $35.2 million decreased from $40.2 million in Q4 2019, mostly due to an $11.3 million unfavorable year-over-year change in working capital
- Project Adjusted EBITDA of $51.7 million increased from $42.9 million in Q4 2019, mostly due to $9.4 million of business interruption insurance recovery at Cadillac recorded in 2020, partially offset by a $7.0 million decrease at Curtis Palmer due to lower water flows
- Repaid $19.3 million of term loan and project debt, as expected, and achieved a consolidated leverage ratio at YE 2020 of 3.6 times, or 3.4 times net of cash; expect improvement in 2021
- Liquidity at YE 2020 of $142 million, including approximately $14 million of discretionary cash
"We had solid fourth quarter and 2020 financial results, with strong operating cash flow and Project Adjusted EBITDA that was near the top end of our guidance range," said James J. Moore, Jr., President and CEO of Atlantic Power Corporation. "The major news we announced this quarter was an agreement with I Squared Capital to acquire the Company. The Board and management of Atlantic Power have expressed their enthusiastic recommendation that all our securityholders vote in favor of the transaction. We encourage holders to read the various documents on our website that explain the transaction, including my recently posted letter to all securityholders."
For earnings history and earnings-related data on Atlantic Power (AT) click here.
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