Atlantic Power (AT) Tops Q1 EPS by 23c

Atlantic Power (NYSE: AT) reported Q1 EPS of $0.12, $0.23 better than the analyst estimate of ($0.11).

First Quarter 2018 Financial Highlights

• Cash provided by operating activities of $50.3 million in Q1 2018 vs. $34.1 million in Q1 2017
• Net income attributable to Atlantic Power of $15.9 million in Q1 2018 vs. loss of $(2.7) million in Q1 2017; improvement primarily due to increase in unrealized foreign exchange gain, higher project income and lower corporate interest expense
• Project income increased $3.0 million to $28.3 million in Q1 2018 from $25.3 million in Q1 2017
• Project Adjusted EBITDA of $53.4 million in Q1 2018 vs. $63.8 million in Q1 2017; decline primarily attributable to contract expirations in Ontario and San Diego, partially offset by other factors
• Repaid $32.4 million of term loan and project debt in Q1 2018; expect to repay $100 million in 2018
• In January, issued new Cdn$115.0 million 6.00% convertible debentures with a 2025 maturity and used proceeds to redeem all but Cdn$24.7 million of remaining 2019 convertible debentures
• Repurchased approximately 3.0 million common shares and 320,595 preferred shares in March 2018, at a total cost of approximately $10.4 million
• Liquidity at March 31, 2018 was $205.1 million, including approximately $32 million of discretionary cash

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

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