Bladex (NYSE: BLX) reported Q1 EPS of $0.43, $0.16 worse than the analyst estimate of $0.59.

"The growth in our results reflects the strong increase in wind power production in France and the contribution from four wind farms and two hydroelectric power stations totalling 95 MW commissioned in 2019," said Patrick Lemaire, President and Chief Executive Officer of Boralex. "For the second consecutive quarter, comparable production at our wind farms in France was considerably higher than in the corresponding period last year and anticipated production."

"The first quarter of 2020 was also the period in which COVID-19 spread rapidly around the world, with a devastating impact on the lives of people everywhere. I want to thank our employees and their families for their solidarity and the effort they have put into maintaining both production and our assets during this difficult period. I also want to thank all of our suppliers and other business partners for their unswerving support during this crisis."

With respect to the Corporation's development activities, Mr. Lemaire added "We are very proud of having been selected in request for proposals in France and New York State, in the United States for solar and wind projects totalling 250 MW. We are actively pursuing the development of our portfolio of projects and with our strong balance sheet and cash flows we will not only be able to get through the current crisis but also taking advantage of interesting acquisition or partnership opportunities that could arise in the coming months."

Outlook

In 2019, Boralex's management announced the strategic plan which will steer its actions to achieve its financial objectives for 2023. This plan is a continuation of the actions undertaken to date in sectors with high growth potential and for which the Corporation has developed solid expertise. It also includes supplementary initiatives to diversify and optimize operations and revenue sources.

The plan sets out four main strategic directions and three financial objectives and is based on a rigorous analysis of the market evolution and trends in the renewable energy sector. The plan also reflects the view that a profound and rapid transformation of the industry is under way, driven mainly by many technological innovations.

For earnings history and earnings-related data on Bladex (BLX) click here.