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OAKVILLE, ON, May 7, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced financial results for the first quarter ended March 31, 2020. All amounts are shown in United States dollars ("U.S. $" or "$"), unless otherwise noted.
"APUC's strong and resilient business model allowed the Company to continue growing in the first quarter of 2020 while navigating through what was a challenging weather environment," said Ian Robertson, Chief Executive Officer of APUC. "We believe APUC is well positioned to deal with the impact COVID-19 may have on our business in 2020. Further, our long term growth prospects continue to provide our Board of Directors with the confidence to approve a 10% increase in APUC's annual dividend this quarter. We also are able to reaffirm that our long term capital plan remains unchanged as we move forward with over $9.2 billion of investment opportunities through 2024."
Q1 2020 Financial Highlights
Key Financial Information
All dollar amounts in U.S. $ millions except per share information | Q1 2020 | Q1 2019 | Variance |
Revenue | 464.9 | 477.2 | (3)% |
Net earnings (loss) attributable to shareholders | (63.8) | 86.4 | (174)% |
Per share | (0.13) | 0.17 | (176)% |
Adjusted Net Earnings1 | 103.3 | 93.8 | 10% |
Per share | 0.19 | 0.19 | — |
Adjusted EBITDA1 | 242.2 | 231.5 | 5% |
Adjusted Funds from Operations1 | 179.3 | 173.5 | 3% |
Dividend per share | 0.1410 | 0.1282 | 10% |
1. | Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
APUC Business Highlights
Regulated Services Group Highlights
Company Response to COVID-19 Pandemic
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com and in our corporate filings on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Earnings Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 8, 2020 hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski. Also in attendance on the call will be Chris Jarratt, Vice Chair and Arun Banskota, President.
Date: | Friday, May 8, 2020 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US: | 1-800-319-4610 |
Toronto local: | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20200508.html Presentation also available at: www.algonquinpowerandutilities.com | |
Call Replay: | Toll Free Canada/US: | 1-855-669-9658 |
Vancouver local: | 1-604-674-8052 | |
Access code: | 4357 |
Phone networks are currently very busy due to the pandemic. It is recommended that you start trying to connect 10 - 15 minutes prior to the scheduled start time. If you have tried all the appropriate numbers provided above several times and still can't get through, consider whether you have another phone on a different phone network that you could try.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 805,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
APUC strives to deliver continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to: expectations with respect to the timing and amounts of APUC's growth plans, earnings, cash flow and dividend amounts; expectations regarding APUC's liquidity position; expectations regarding APUC's Adjusted Net Earnings per share for the 2020 fiscal year; and expectations and plans with respect to current and planned capital projects and expenditures. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in APUC's most recent annual and interim Management Discussion & Analysis and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", "Adjusted EBITDA", "Adjusted Funds from Operations" and "Net Utility Sales" are used in this press release. The terms "Adjusted Net Earnings", "Adjusted EBITDA", "Adjusted Funds from Operations" and "Net Utility Sales" are not recognized measures under U.S. GAAP. There is no standardized measure of "Adjusted Net Earnings", "Adjusted EBITDA", "Adjusted Funds from Operations" and "Net Utility Sales"; consequently, APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation and analysis of "Adjusted Net Earnings", "Adjusted EBITDA", "Adjusted Funds from Operations" and "Net Utility Sales", including a reconciliation to the U.S. GAAP equivalent, where applicable, can be found in APUC's Management Discussion & Analysis for the three months ended March 31, 2020.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests, non-service pension and post-employment costs, cost related to tax equity financing, gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts (other than those realized in connection with the sales of development assets), changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. The Non-cash accounting charge related to the revaluation of U.S. deferred income tax assets and liabilities as a result of implementation of the effects of the Tax Cuts and Jobs Act is adjusted as it is also considered a non-recurring item not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Net Utility Sales
Net Utility Sales is a non-GAAP measure used by investors to identify utility revenue after commodity costs, either natural gas or electricity, where these commodity costs are generally included as a pass through in rates to its utility customers. APUC uses Net Utility Sales to assess its utility revenues without the effects of fluctuating commodity costs as such costs are predominantly passed through and paid for by utility customers. APUC believes that analysis and presentation of Net Utility Sales on this basis will enhance an investor's understanding of the revenue generation of its utility businesses. It is not intended to be representative of revenue as determined in accordance with U.S. GAAP.
Reconciliation of Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
Three Months Ended | |||||
(all dollar amounts in $ millions) | 2020 | 2019 | |||
Net earnings (loss) attributable to shareholders | $ | (63.8) | $ | 86.4 | |
Add (deduct): | |||||
Net earnings attributable to the non-controlling interest, exclusive of HLBV1 | 4.4 | 7.6 | |||
Income tax expense (recovery) | (13.7) | 14.8 | |||
Interest expense on long-term debt and others | 46.2 | 42.6 | |||
Other net losses | 4.3 | 3.8 | |||
Change in value of investments carried at fair value2 | 190.8 | 5.8 | |||
Loss (gain) on derivative financial instruments | (0.1) | 0.2 | |||
Realized loss on energy derivative contracts | (0.1) | (0.2) | |||
Gain on foreign exchange | (4.7) | (0.5) | |||
Depreciation and amortization | 78.9 | 71.0 | |||
Adjusted EBITDA | $ | 242.2 | $ | 231.5 |
1 | HLBV represents the value of net tax attributes earned during the period primarily from electricity generated by certain U.S. wind power and U.S. solar generation facilities. HLBV earned in the three months ended March 31, 2020 amounted to $19.9 million as compared to $21.1 million during the same period in 2019. |
2 | See Note 6 in the unaudited interim consolidated financial statements |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with U.S. GAAP.
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
Three Months | ||||||
(all dollar amounts in $ millions except per share information) | 2020 | 2019 | ||||
Net earnings (loss) attributable to shareholders | $ | (63.8) | $ | 86.4 | ||
Add (deduct): | ||||||
Loss (gain) on derivative financial instruments | (0.1) | 0.2 | ||||
Realized loss on energy derivative contracts | (0.1) | (0.2) | ||||
Other losses | 0.9 | 0.2 | ||||
Gain on foreign exchange | (4.7) | (0.5) | ||||
Acquisition-related costs | — | 1.9 | ||||
Change in value of investments carried at fair value1 | 190.8 | 5.8 | ||||
Other non-recurring adjustments | 1.0 | — | ||||
Adjustment for taxes related to above | (20.7) | — | ||||
Adjusted Net Earnings | $ | 103.3 | $ | 93.8 | ||
Adjusted Net Earnings per share | $ | 0.19 | $ | 0.19 |
1 | See Note 6 in the unaudited interim consolidated financial statements |
Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to funds from operations in accordance with U.S GAAP.
The following table shows the reconciliation of funds from operations to Adjusted Funds from Operations exclusive of these items:
Three Months Ended | ||||||
(all dollar amounts in $ millions) | 2020 | 2019 | ||||
Cash flows from operating activities | $ | 66.9 | $ | 122.1 | ||
Add (deduct): | ||||||
Changes in non-cash operating items | 109.0 | 45.9 | ||||
Production based cash contributions from non-controlling interests | 3.4 | 3.6 | ||||
Acquisition-related costs | — | 1.9 | ||||
Adjusted Funds from Operations | $ | 179.3 | $ | 173.5 |
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 7, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the Board of Directors has approved a dividend increase of U.S. $0.0564 annually per common share to a total dividend of U.S. $0.6204 per common share, paid quarterly at a rate of U.S. $0.1551 per common share.
APUC also announced today that the Board of Directors has declared a dividend of U.S. $0.1551 per share on its common shares, payable on July 15, 2020, to the shareholders of record on June 30, 2020, for the period from April 1, 2020 to June 30, 2020. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.2191.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional common shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 805,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
APUC strives to deliver continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 7, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN, AQNA, AQNB) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 805,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
APUC strives to deliver continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, April 15, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release its first quarter 2020 financial results on Thursday, May 7, 2020, after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 8, 2020, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski. Also in attendance on the call will be Chris Jarratt, Vice Chair and Arun Banskota, President.
Conference call details are as follows:
Date: | Friday, May 8, 2020 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US | 1-800-319-4610 |
Toronto local | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20200508.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: | Toll Free Canada/US | 1-855-669-9658 |
Vancouver local | 1-604-674-8052 | |
Access code | 4357 |
Phone networks are currently very busy due to the pandemic. It is recommended that you start trying to connect 10 - 15 minutes prior to the scheduled start time. If you have tried all the appropriate numbers provided above several times and still can't get through, consider whether you have another phone on a different phone network that you could try.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S.$11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 804,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
APUC strives to deliver continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-dates-for-first-quarter-2020-financial-results-and-conference-call-301041580.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 9, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX/NYSE: AQN) today announced that, in connection with the Company's previously announced executive succession plans, Ian Robertson (Chief Executive Officer) and David Bronicheski (Chief Financial Officer) each intend to establish an automatic securities disposition plan (an "ASDP") to allow for an orderly disposition of a portion of their respective shareholdings in APUC over a period of approximately three months, beginning after an initial 30-day waiting period.
Christopher Jarratt (Vice Chair) and Jeffery Norman (Chief Development Officer), each of whom is a continuing executive of APUC, also intend to establish ASDPs to allow for an orderly disposition of a portion of their respective shareholdings in APUC over a period of at least three months, beginning after an initial 30-day waiting period.
It is expected that the ASDPs will be designed to comply with Rule 10b5-1 under Securities Exchange Act of 1934, as amended, applicable Canadian provincial securities legislation, including the guidance under Ontario Securities Commission's Staff Notice 55-701, and APUC's Insider Trading Policy. Under applicable securities laws and the Company's Insider Trading Policy, senior executives of APUC, including those identified above who have established ASDPs (the "Participating Executives"), are subject to limits on their ability to sell securities of the Company. The ASDPs will address this issue by permitting trades to be made, on an automatic basis, in accordance with pre-arranged instructions given when the Participating Executives were not in possession of any material undisclosed information.
It is expected that the ASDPs will provide for the sale by one or more independent brokers, during a period of no less than three months following the end of an initial 30-day waiting period, of up to: in the case of Mr. Robertson, 500,000 common shares, in the case of Mr. Bronicheski, 480,000 common shares, in the case of Mr. Jarratt, 400,000 common shares, and in the case of Mr. Norman, 50,000 common shares; in each case in accordance with the trading parameters, price and volume limits and other instructions set out by the applicable Participating Executive in the ASDPs. Pursuant to the terms of the ASDPs, it is expected that the Participating Executives will not exercise any further discretion or influence over how dispositions will occur and will be subject to restrictions on their ability to modify, suspend or terminate their participation in the ASDPs. In accordance with best practices, the ASDPs will include a waiting period of 30 days from the date of adoption for the first dispositions under the plans. Each ASDP will also provide that sales be evenly spaced among the months when selling is permitted, subject to permitted carry forward allowances following months in which less than the permitted maximum number of shares is sold.
Dispositions pursuant to the ASDPs will be reported by the Participating Executives on SEDI in accordance with applicable securities laws. Each such filing will bear a notation to advise readers that the dispositions relate to an ASDP.
Each of the Participating Executives has also advised APUC, as has George Trisic (Chief Governance Officer and Corporate Secretary) that, prior to March 31, 2020, they may exercise a portion of their existing vested options and dispose of certain common shares of APUC acquired upon such exercise (the "Option Share Dispositions"). Pursuant to the Option Share Dispositions, APUC anticipates that such executives may sell, during the period up to March 31, 2020, up to: in the case of Mr. Robertson, 157,000 common shares, in the case of Mr. Bronicheski, 50,000 common shares, in the case of Mr. Jarratt, 100,000 common shares, in the case of Mr. Norman, 217,000 common shares, and in the case of Mr. Trisic, 60,000 common shares. Option Share Dispositions completed by such executives will be reported by the Participating Executives on SEDI in accordance with applicable securities laws.
Assuming that all common shares of APUC that are subject to the ASDPs are sold, and that all Option Share Dispositions are completed, each of the executives will continue to have significant equity interests in APUC in the form of common shares and/or vested RSUs (collectively, "common share equivalents") as follows: Mr. Robertson, more than 650,000 common share equivalents, Mr. Bronicheski, more than 90,000 common share equivalents, Mr. Jarratt, more than 650,000 common share equivalents, Mr. Norman, more than 26,500 common share equivalents, and Mr. Trisic, more than 124,000 common share equivalents. Such equity ownership is in excess of the minimum share ownership requirements applicable to each such executive as established by APUC's board of directors.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 804,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
APUC strives to deliver continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to: the entering into, the terms of and anticipated sales to be made under the ASDPs and/or pursuant to any Option Share Dispositions and SEDI filings related thereto. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's MD&A and annual information form for the year ended December 31, 2019. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 27, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced its financial results for the fourth quarter and year-ended December 31, 2019. All amounts are shown in United States dollars unless otherwise noted.
"We are pleased to report strong fourth quarter and full year 2019 results reflecting another successful year of growth and execution across our business groups. In 2019, we welcomed nearly 30,000 new customers through the completion of two gas utility acquisitions, made significant progress on our Mid-West wind development project as part of our 'Greening the Fleet' initiative, and announced definitive agreements to acquire two new regulated utilities, Bermuda Electric Light Company and New York American Water," said Ian Robertson, Chief Executive Officer of APUC. "Looking into 2020 and beyond, we remain committed to delivering on our recently-announced five-year, $9.2 billion growth plan to drive growth in earnings and cash flows which will, in turn, support a growing dividend and compelling returns for our shareholders."
Fourth Quarter and Full Year Financial Highlights
Fourth Quarter and Full Year Financial Results Table
In USD millions or on a per share basis unless | Quarter ended December 31 | Year ended December 31 | ||||
2019 | 2018 | Variance | 2019 | 2018 | Variance | |
Revenue | $439.7 | $421.9 | 4% | $1,624.9 | $1,648.5 | (1)% |
Net earnings attributable to shareholders | $172.1 | $44.0 | 291% | $530.9 | $185.0 | 187% |
Per share | $0.34 | $0.09 | 278% | $1.05 | $0.38 | 176% |
Adjusted net earnings1 | $103.6 | $70.5 | 47% | $321.3 | $312.2 | 3% |
Per share | $0.20 | $0.14 | 43% | $0.63 | $0.66 | (5)% |
Adjusted EBITDA1 | $231.5 | $198.9 | 16% | $838.6 | $804.4 | 4% |
Adjusted Funds from Operations1 | $144.1 | $132.5 | 9% | $566.2 | $554.1 | 2% |
Dividend per share | $0.1410 | $0.1282 | 10% | $0.5512 | $0.5011 | 10% |
1. | Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
Business and Financial Highlights Summary
Regulated Services Group Highlights
Renewable Energy Group Highlights
2. | Power from the project will be sold, in part, to Facebook Operations, LLC pursuant to a power purchase agreement. |
APUC Corporate Highlights
APUC to Host Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, February 28, 2020, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Earnings Conference Call Details:
Date: | February 28, 2020 | |
10:00 a.m. ET | ||
Dial-in Details: | Toll Free Canada/US | 1-800-319-4610 |
Toronto Local | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20200228.html
Presentation also available at: www.algonquinpowerandutilities.com | |
Call Replay: | Toll Free Canada/US | 1-855-669-9658 |
(available until March 13, 2020) | Vancouver Local | 1-604-674-8052 |
Access Code | 4049 |
APUC's financial statements and management discussion and analysis ("MD&A") are available on our corporate website at www.algonquinpowerandutilities.com and in our corporate filings on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 804,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
APUC strives to deliver continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate‐regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018‐A subordinated notes and Series 2019‐A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to: expectations with respect to the timing and amounts of APUC's growth plans, earnings, cash flow and dividend amounts; expectations regarding the timing for closing the acquisition of Ascendant and New York American Water; and expectations and plans with respect to current and planned capital projects. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's MD&A and annual information form for the year ended December 31, 2019. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are not recognized measures under U.S. GAAP. There is no standardized measure of "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest U.S. GAAP measure of "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" can be found below and in APUC's MD&A for the year ended December 31, 2019.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts (other than those realized in connection with the sales of development assets), changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. The non-cash accounting charge related to the revaluation of U.S. deferred income tax assets and liabilities as a result of implementation of the effects of the Tax Cuts and Jobs Act ("U.S. Tax Reform") is adjusted as it is also considered a non-recurring item not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests, non-service pension and post-employment costs, cost related to tax equity financing, gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Reconciliation of Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
Three Months Ended | Twelve Months Ended | |||||||
(all dollar amounts in $ millions) | 2019 | 2018 | 2019 | 2018 | ||||
Net earnings attributable to shareholders | $ | 172.1 | $ | 44.0 | $ | 530.9 | $ | 185.0 |
Add (deduct): | ||||||||
Net earnings attributable to the non-controlling interest, | (3.7) | 3.4 | 19.1 | 4.8 | ||||
Income tax expense | 12.5 | 2.8 | 70.1 | 53.4 | ||||
Interest expense on long-term debt and others | 47.4 | 40.3 | 181.5 | 152.1 | ||||
Other losses | 6.2 | 2.3 | 15.1 | 2.7 | ||||
Acquisition-related costs | 6.4 | (8.9) | 11.6 | 0.7 | ||||
Pension and post-employment non-service costs | 8.4 | 3.4 | 17.3 | 5.0 | ||||
Change in value of investments carried at fair value2 | (98.1) | 46.0 | (278.1) | 138.0 | ||||
Costs related to tax equity financing | — | 1.3 | — | 1.3 | ||||
Loss (gain) on derivative financial instruments | (0.5) | (0.3) | (16.1) | 0.6 | ||||
Realized (loss) gain on energy derivative contracts | — | 0.1 | (0.2) | 0.1 | ||||
Loss (gain) on foreign exchange | 3.1 | 0.7 | 3.1 | (0.1) | ||||
Depreciation and amortization | 77.7 | 63.8 | 284.3 | 260.8 | ||||
Adjusted EBITDA | $ | 231.5 | $ | 198.9 | $ | 838.6 | $ | 804.4 |
1 | HLBV represents the value of net tax attributes earned during the period primarily from electricity generated by certain U.S. wind power and U.S. solar |
2 | See Note 8 in APUC's annual audited consolidated financial statements |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with U.S. GAAP.
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
Three Months Ended | Twelve Months Ended | ||||||||
(all dollar amounts in $ millions except per share information) | 2019 | 2018 | 2019 | 2018 | |||||
Net earnings attributable to shareholders | $ | 172.1 | $ | 44.0 | $ | 530.9 | $ | 185.0 | |
Add (deduct): | |||||||||
Loss (gain) on derivative financial instruments1 | (0.5) | (0.3) | (0.3) | 0.6 | |||||
Realized (loss) gain on energy derivative contracts | — | 0.1 | (0.2) | 0.1 | |||||
Other Losses | 6.1 | 1.9 | 15.1 | 0.8 | |||||
Loss (gain) on foreign exchange | 3.0 | 0.7 | 3.1 | (0.1) | |||||
Acquisition-related costs | 6.4 | (8.9) | 11.6 | 0.7 | |||||
Change in value of investments carried at fair value3 | (98.1) | 46.0 | (278.1) | 138.0 | |||||
Costs related to tax equity financing | — | 1.3 | — | 1.3 | |||||
Other non-recurring adjustments | 2.2 | — | 2.2 | — | |||||
U.S. Tax Reform and related deferred tax adjustments2 | — | (18.4) | — | (18.4) | |||||
Adjustment for taxes related to above | 12.4 | 4.1 | 37.0 | 4.2 | |||||
Adjusted Net Earnings | $ | 103.6 | $ | 70.5 | $ | 321.3 | $ | 312.2 | |
Adjusted Net Earnings per share | $ | 0.20 | $ | 0.14 | $ | 0.63 | $ | 0.66 |
1 | Excludes the gain related to the discontinuation of hedge accounting on an energy hedge put in place early in the development of the Sugar Creek Wind |
2 | Represents the non-cash accounting adjustment related to the revaluation of U.S. deferred income tax assets and liabilities as a result of implementation |
3 | See Note 8 in APUC's annual audited consolidated financial statements |
Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to funds from operations in accordance with U.S GAAP.
The following table shows the reconciliation of funds from operations to Adjusted Funds from Operations exclusive of these items:
Three Months Ended | Twelve Months Ended | |||||||
(all dollar amounts in $ millions) | 2019 | 2018 | 2019 | 2018 | ||||
Cash flows from operating activities | $ | 167.5 | $ | 168.6 | $ | 611.3 | $ | 530.4 |
Add (deduct): | ||||||||
Changes in non-cash operating items | (29.8) | (27.3) | (60.3) | 8.1 | ||||
Production based cash contributions from non-controlling | — | — | 3.6 | 13.9 | ||||
Acquisition-related costs | 6.4 | (8.8) | 11.6 | 0.7 | ||||
Reimbursement of operating expenses incurred on joint venture | — | — | — | 1.0 | ||||
Adjusted Funds from Operations | $ | 144.1 | $ | 132.5 | $ | 566.2 | $ | 554.1 |
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 27, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the Board of Directors has declared a dividend of U.S. $0.1410 per share on its common shares, payable on April 15, 2020, to the shareholders of record on March 31, 2020, for the period from January 1, 2020 to March 31, 2020. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.1876.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 804,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
APUC strives to deliver continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
Arun Banskota is Appointed President
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.
OAKVILLE, ON, Feb. 5, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or "the Company") (TSX/NYSE: AQN) announced today the appointment of Arun Banskota to the newly-created position of President. Mr. Banskota will work closely with Chief Executive Officer Ian Robertson and other members of the Executive Team to transition into the role of Chief Executive Officer in 2020.
The APUC Board of Directors and Mr. Robertson recognize the importance of succession planning and view the appointment of Arun Banskota as a natural progression for the Company's continued success and growth.
"Arun brings to APUC a unique combination of experience in renewable energy development, construction, financing, energy marketing and operations, with proven P&L responsibility and a results-driven leadership style," said APUC Chairman Ken Moore. "This experience, together with his hands-on knowledge of the role of disruptive technology innovation in the marketplace, puts APUC in a very strong position to build on the outstanding growth and financial performance achieved over the past three decades."
Mr. Banskota was previously Managing Director, Global Power, El Paso Corporation, where he had P&L responsibility for a 6,500 MW global portfolio of 32 power plants, project development and approximately 10,000 employees. He was also on the leadership team for a large-scale solar power company and has successfully managed project development and financing for solar, wind, and natural gas projects. Mr. Banskota served as President and CEO of EVGo, a high growth start-up division of NRG created to build scale and presence in the emerging electrical vehicle sector. Most recently, as Vice President, Data Center Global Services and Energy Team at Amazon.com, he was responsible for the planning, engineering, and delivery of datacenter capacity for Amazon Web Services, an extremely high growth global market-leader of cloud services.
"I look forward to working with Arun to ensure a seamless management transition," said CEO Ian Robertson. "I am extremely proud of what APUC has achieved over the last 30 years and our five-year, $9.2 billion capital plan positions APUC for continued success and growth in the years ahead."
Following the transition, Mr. Robertson is expected to continue to contribute to the Company through a collaborative investment platform focused on identifying and partnering with APUC on growth and development opportunities.
Pending Chief Financial Officer Retirement
APUC also announced today that David Bronicheski, Chief Financial Officer, is retiring in the fall of 2020, and that Arthur Kacprzak, Vice President, Treasury and Treasurer, has been promoted to Senior Vice President and Deputy Chief Financial Officer.
"After 12 years as CFO for one of North America's fastest growing utilities, I have chosen to retire later this year to spend more time with family," stated David Bronicheski. "I am proud of our finance and treasury team which I believe is one of the finest in the industry and which will continue the strong financial policies that have contributed to Algonquin's success."
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately US$11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 801,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction.
APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate‐regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018‐A subordinated notes and Series 2019‐A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB. Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to, statements regarding succession planning, including the expectation that Mr. Banskota will transition into the role of Chief Executive Officer in 2020, and statements regarding the establishment of a collaborative investment platform involving Mr. Robertson. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-advances-leadership-succession-plan-300999818.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Jan. 24, 2020 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release its fourth quarter and full year 2019 financial results on Thursday, February 27, 2020, after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, February 28, 2020, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: | Friday, February 28, 2020 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US 1-800-319-4610 Toronto local 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20200228.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: | Toll Free Canada/US 1-855-669-9658 | |
(available until March 13, 2020) | Vancouver local 1-604-674-8052 | |
Access code 4049 |
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately US$11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 801,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction.
APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate‐regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018‐A subordinated notes and Series 2019‐A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Dec. 11, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or "the Company") (TSX/NYSE: AQN) today announced the appointment of Chris Huskilson to the Company's Board of Directors, effective January 1, 2020. With this appointment, the size of the Board of Directors will increase from nine to ten members.
"We are delighted to welcome Chris Huskilson back to APUC's Board of Directors given the many positive contributions he made during his first term on the Board from 2009-2016," said Ken Moore, Chairman of APUC. "The breadth of knowledge and experience in the power and utilities sector, as well as proven leadership at the head of a growing and successful public power and utility company, make Chris a great addition to our Board."
Mr. Huskilson was formerly CEO of Emera Inc., a geographically diverse energy and service company based in Halifax, Nova Scotia that grew from C$3 billion in assets to C$30 billion during his term as CEO.
He has also served as a member on the boards of a number of public and private companies in Canada and internationally, including community based not-for-profit organizations.
Since leaving Emera in 2018, Mr. Huskilson has been very involved in supporting the start-up ecosystem emerging in Atlantic Canada. He is a founding partner and active mentor in Creative Destruction Lab (CDL - Atlantic) which is an objectives-based program for massively scalable, seed-stage science- and technology-based companies. He is also a founding member of Canada's Ocean Supercluster and has invested in a number of innovation based start-up companies.
Mr. Huskilson will serve as a Director for a term expiring at the Company's 2020 annual meeting of shareholders when he will stand for election by shareholders.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately US$11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 801,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction.
APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate‐regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018‐A subordinated notes and Series 2019‐A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB. Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to statements regarding the 2020 annual meeting of shareholders of the Company. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and base shelf prospectus and prospectus supplement relating to the Offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Dec. 3, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or "the Company") (TSX/NYSE: AQN) hosted its tenth annual Analyst and Investor Day event today in Toronto. During the event, APUC's executive team provided an update on its corporate strategy, a business overview including project updates, and a review of its financial position.
"2019 has been a year of significant achievement as we completed and announced transactions totaling approximately $1.5 billion of investments in our regulated services business," said Ian Robertson, Chief Executive Officer of APUC. "We have increased our total capital plan for the next five years to $9.2 billion, including $6.7 billion within our diversified regulated services platform. Our organization is also well positioned to capitalize on global growth in renewable energy and believe that this growth is consistent with our long term commitment to sustainability."
In conjunction with the Analyst and Investor Day, the Company updated its five year forecasted Adjusted Net Earnings per share compound annual growth rate, which remains in the range of 9 to 11%. APUC also updated its long term growth program with identified investment opportunities totaling $9.2 billion through 2024, an increase from its $7.5 billion capital program for the five-year period ended 2023 as announced last year. The updated capital plan includes $6.7 billion in the regulated services business, with $5.6 billion in customer driven organic investments focused on enhancing quality of service for customers as well as its Greening the Fleet initiatives. In addition, APUC's diversified renewable energy business is well positioned with a $2.5 billion capital growth program and over 1,400 MW in the development pipeline.
APUC is hosting an encore presentation of its Analyst and Investor Day event in New York City on December 6, 2019. Presentation materials will be available on the website at www.algonquinpower.com.
A copy of the presentation and the webcast, which will be archived and accessible for replay, will be available on the website.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 801,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of applicable securities laws in the United States, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to statements regarding: the expected performance of APUC, capital expenditure plans, investment opportunities and development projects. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they rely upon assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim Management's Discussion and Analysis and most recent Annual Information Form, filed with securities regulatory authorities in Canada and the United States. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The term "Adjusted Net Earnings per share" is not a recognized measure under U.S. GAAP. There is no standardized measure of "Adjusted Net Earnings per share" and, consequently, APUC's method of calculating this measure may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation of "Adjusted Net Earnings per share" to the nearest U.S. GAAP measure can be found in APUC's Management's Discussion & Analysis for the year ended December 31, 2018 and for the period ended September 30, 2019.
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts, changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying businesses of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
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SOURCE Algonquin Power & Utilities Corp.
Transaction represents execution on Liberty Utilities' strategy to
expand its regulated utility business in high-quality jurisdictions
This news release constitutes a "designated news release" for the purposes of Algonquin Power & Utilities Corp.'s prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.
Highlights:
OAKVILLE, ON, Nov. 20, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE:AQN) ("Algonquin") today announced that Liberty Utilities Co. ("Liberty Utilities"), Algonquin's regulated utility operating subsidiary, has entered into a stock purchase agreement with American Water Works Company, Inc. (NYSE: AWK) ("American Water"), to purchase American Water's regulated operations in the State of New York ("New York American Water") for a purchase price of US$608 million, subject to customary adjustments.
Headquartered in Merrick, NY, New York American Water is a regulated water and wastewater utility serving over 125,000 customer connections across seven counties in southeastern New York. Operations include approximately 1,270 miles of water mains and distribution lines with 98% of customers in Nassau County on Long Island.
"We are thrilled to expand our customer base in the great state of New York," said Ian Robertson, Chief Executive Officer of Algonquin. "New York State has demonstrated a commitment to ensuring regulated utilities put their customers first. We believe the state's vision aligns with our customer-driven focus. We have experience in multiple states as a water utility operator and are known for our commitment to excellence. We are committed to partnering with our regulator and other state officials to support the affordability of water services, including reducing the burden of local taxes on New York American Water's customers, which can account for more than half of their monthly bills. We are also excited to welcome New York American Water's employees to our Liberty Utilities team."
Continuing Commitment to Our Communities, Customers and Employees
Liberty Utilities will work closely with American Water, New York American Water, and the New York Public Service Commission to ensure a smooth transition. Under Liberty Utilities' local and responsive operating model, existing local management and operations teams will be maintained and empowered to continue to deliver the safe and reliable service that customers expect, with a commitment by Liberty Utilities to maintain at least existing employment terms for two years following the closing. Customers should not expect any impact on rates as a result of the acquisition. Liberty Utilities is committed to continuing to invest in the water system to improve water quality, customer education on conservation and community outreach.
"This was a very difficult decision for American Water, as we have had the privilege of serving customers and communities in New York for more than 130 years," said Susan Story, president and CEO of American Water. "After careful and comprehensive analysis, we believe it is in the best interest of our customers in New York to sell to Liberty Utilities, which already has utility operations in the state of New York and will have a larger presence once the transaction closes. We are committed to working together to ensure that the transition is unnoticeable to our customers and that safe and reliable water service continues throughout the transition and beyond."
Investment Grade Financing Plan and Transaction Details
The financing for the transaction will be consistent with Algonquin's current investment grade credit profile. Closing of the transaction is subject to the satisfaction or waiver of various customary conditions including regulatory approval by the New York Public Service Commission and review and clearance under U.S. antitrust laws.
For more transaction details, see the fact sheet located at http://investors.algonquinpower.com/MNA and filed with securities regulatory authorities at www.sedar.com and www.sec.gov. The fact sheet is incorporated by reference herein.
Algonquin's management team will provide further insights on the transaction at its upcoming Analyst & Investor Days in Toronto on December 3, 2019 and New York on December 6, 2019.
Advisors
CIBC Capital Markets acted as Financial Advisor to Liberty/Algonquin and Husch Blackwell LLP served as transaction legal counsel to Liberty/Algonquin.
About Algonquin Power & Utilities Corp.
Algonquin is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, Algonquin is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to over 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2,500 megawatts of net installed capacity and more than 1,400 megawatts of additional renewable energy capacity under construction. Algonquin delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Algonquin's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. Algonquin's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit Algonquin at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "will", "expects", "intends", "should" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to: statements regarding expected financing plans and impact on credit metrics, expectations regarding current New York American Water customers, rates and employees, Liberty Utilities' future investments and community engagement, the completion and benefits of the proposed transaction, and New York American Water's continuing operations. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their nature they rely upon assumptions and involve inherent risks and uncertainties. Algonquin cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in Algonquin's most recent annual and interim Management's Discussion and Analysis and most recent Annual Information Form, filed with securities regulatory authorities in Canada and the United States. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Algonquin undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 7, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the Board of Directors has declared a dividend of U.S.$0.1410 per share on its common shares, payable on January 15, 2020, to the shareholders of record on December 31, 2019, for the period from October 1, 2019 to December 31, 2019. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.1858.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 801,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 7, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced financial results for the third quarter ended September 30, 2019. All amounts are shown in United States dollars ("U.S. $" or "$") unless otherwise noted.
Q3 2019 Financial Highlights
Key Financial Information
All amounts in U.S. $ millions except per share information | Quarter ended Sept 30 | Nine months ended Sept 30 | ||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
Revenue | 365.6 | 366.2 | 0% | 1,186.4 | 1,226.6 | (3)% |
Net earnings attributable to shareholders | 115.8 | 57.9 | 100% | 358.8 | 141.0 | 154% |
Per share | 0.23 | 0.12 | 92% | 0.71 | 0.30 | 137% |
Cash provided by operating activities | 188.1 | 131.5 | 43% | 443.8 | 361.7 | 23% |
Adjusted Net Earnings1 | 69.2 | 49.7 | 39% | 217.7 | 241.6 | (10)% |
Per share | 0.14 | 0.10 | 40% | 0.43 | 0.52 | (17)% |
Adjusted EBITDA1 | 186.9 | 165.5 | 13% | 608.3 | 605.3 | 0% |
Adjusted Funds from Operations1 | 120.1 | 127.9 | (6)% | 422.1 | 421.6 | 0% |
Dividends per share | 0.1410 | 0.1282 | 10% | 0.4102 | 0.3729 | 10% |
1. Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
APUC Corporate Highlights
Liberty Utilities Group Highlights
Liberty Power Group Highlights
"We are pleased to report solid third quarter results and continued growth across both sides of the business. With the recent closing of the New Brunswick Gas and St. Lawrence Gas acquisitions, we have added nearly 30,000 new customers to our distribution footprint, bringing our customer count to over 800,000," said Ian Robertson, Chief Executive Officer of APUC. "As a company focused on long-term sustainability, we are proud of the significant contributions we are making in the transition to a low-carbon economy, which are now documented in our 2019 Sustainability Report."
APUC's financial statements and MD&A are available on its web site at www.AlgonquinPowerandUtilities.com and under its issuer profile on SEDAR at www.sedar.com.
APUC will hold an earnings conference call at 10:00 a.m. Eastern Time on Friday, November 8, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: | November 8, 2019 | ||
Time: | 10:00 a.m. ET | ||
Conference Call Access: | Toll Free Canada/US: | 1-800-319-4610 | |
Toronto local: | 416-915-3239 | ||
Please ask to join the Algonquin Power & Utilities Corp. conference call | |||
http://services.choruscall.ca/links/algonquinpower20191108.html | |||
Presentation Access: | Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: (available until Nov 22) | Toll Free Canada/US: | 1-855-669-9658 | |
Vancouver local: | 1-604-674-8052 | ||
Access code: | 3675 |
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 801,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to: expectations with respect to the timing and amounts of APUC's growth plans, earnings, cash flow and dividend amounts; expectations regarding the use of proceeds from APUC's October 2019 equity offering; and expectations and plans with respect to current and planned capital projects, including the Maverick Creek Wind Project. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim Management Discussion and Analysis and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest U.S. GAAP measure of "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" can be found in APUC's Management's Discussion & Analysis for the quarter ended September 30, 2019.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests, non-service pension and post-employment costs, cost related to tax equity financing, gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts, changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Reconciliation of Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
Three Months Ended | Nine months ended | |||||||
(all dollar amounts in $ millions) | 2019 | 2018 | 2019 | 2018 | ||||
Net earnings attributable to shareholders | $ | 115.8 | $ | 57.9 | $ | 358.8 | $ | 141.0 |
Add (deduct): | ||||||||
Net earnings attributable to the non-controlling interest, | ||||||||
exclusive of HLBV 1 | 7.6 | 0.3 | 22.8 | 1.4 | ||||
Income tax expense | 22.0 | 10.7 | 57.6 | 50.6 | ||||
Interest expense on long-term debt and others | 45.7 | 37.9 | 134.1 | 111.8 | ||||
Other losses | 2.9 | 2.0 | 8.9 | 0.4 | ||||
Acquisition-related costs | 2.8 | 1.0 | 5.2 | 9.6 | ||||
Pension and post-employment non-service costs | 5.0 | 1.3 | 10.0 | 1.6 | ||||
Change in value of investments carried at fair value | (64.4) | (10.1) | (180.0) | 91.9 | ||||
Loss (gain) on derivative financial instruments | (15.4) | 0.7 | (15.6) | 0.9 | ||||
Realized loss on energy derivative contracts | — | — | (0.2) | — | ||||
Loss (gain) on foreign exchange | (0.9) | 0.3 | 0.1 | (0.8) | ||||
Depreciation and amortization | $ | 65.8 | $ | 63.5 | $ | 206.6 | $ | 196.9 |
Adjusted EBITDA | $ | 186.9 | $ | 165.5 | $ | 608.3 | $ | 605.3 |
1 HLBV represents the value of net tax attributes earned during the period primarily from electricity generated by certain U.S. wind power and U.S. solar generation facilities. HLBV earned in the three and nine months ended September 30, 2019 amounted to $12.0 million and $49.0 million as compared to $5.5 million and $96.8 million during the same period in 2018. In the first quarter of 2018, a one-time acceleration of HLBV income in the amount of $55.9 million was recorded as a result of U.S. Tax Reform. Excluding the one-time acceleration of HLBV due to U.S. Tax Reform, Adjusted EBITDA increased by $58.9 million year over year. |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with U.S. GAAP.
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
Three Months Ended | Nine months ended | |||||||
(all dollar amounts in $ millions except per share information) | 2019 | 2018 | 2019 | 2018 | ||||
Net earnings attributable to shareholders | $ | 115.8 | $ | 57.9 | $ | 358.8 | $ | 141.0 |
Add (deduct): | ||||||||
Loss on derivative financial instruments 1 | 0.5 | 0.7 | 0.2 | 0.9 | ||||
Realized loss on derivative financial instruments | — | — | (0.2) | — | ||||
Loss (gain) on long-lived assets | 3.1 | 0.3 | 9.0 | (1.1) | ||||
Loss (gain) on foreign exchange | (0.9) | 0.3 | 0.1 | (0.8) | ||||
Acquisition-related costs | 2.8 | 1.0 | 5.2 | 9.6 | ||||
Change in value of investments carried at fair value | (64.4) | (10.1) | (180.0) | 91.9 | ||||
Adjustment for taxes related to above | 12.3 | (0.4) | 24.6 | 0.1 | ||||
Adjusted Net Earnings | $ | 69.2 | $ | 49.7 | $ | 217.7 | $ | 241.6 |
Adjusted Net Earnings per share | $ | 0.14 | $ | 0.10 | $ | 0.43 | $ | 0.52 |
1Excludes the gain related to the discontinuation of hedge accounting on an energy hedge put in place early in the development of the Sugar Creek Wind Project. |
Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to funds from operations in accordance with U.S. GAAP.
The following table shows the reconciliation of funds from operations to Adjusted Funds from Operations exclusive of these items:
Three Months Ended | Nine months ended | |||||||
(all dollar amounts in $ millions) | 2019 | 2018 | 2019 | 2018 | ||||
Cash flows from operating activities | $ | 188.1 | $ | 131.5 | $ | 443.8 | $ | 361.7 |
Add (deduct): | ||||||||
Changes in non-cash operating items | (70.8) | (4.6) | (30.5) | 35.4 | ||||
Production based cash contributions from non-controlling interests | — | — | 3.6 | 13.9 | ||||
Acquisition-related costs | 2.8 | 1.0 | 5.2 | 9.6 | ||||
Reimbursement of operating expenses incurred on joint venture | — | — | — | 1.0 | ||||
Adjusted Funds from Operations | $ | 120.1 | $ | 127.9 | $ | 422.1 | $ | 421.6 |
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-2019-third-quarter-and-year-to-date-financial-results-300954423.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 7, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN, AQNA, AQNB) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $11 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 801,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-declares-fourth-quarter-2019-preferred-share-dividends-300954420.html
SOURCE Algonquin Power & Utilities Corp.
Acquisition of 25th regulated utility since 2009 further positions the company for growth
Highlights:
OAKVILLE, ON, Nov. 1, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX/NYSE: AQN) today announced that its subsidiary Liberty Utilities Co., APUC's wholly-owned regulated utility business, successfully completed its acquisition of Enbridge St. Lawrence Gas from Enbridge Gas Inc., a subsidiary of Enbridge Inc. (TSX/NYSE: ENB) (the "Transaction"). Enbridge St. Lawrence Gas is a regulated utility that provides natural gas to over 16,000 customers in 23 communities across northern New York State, and operates approximately 688 miles of natural gas distribution pipeline.
"We are pleased to welcome the employees and customers of St. Lawrence Gas to the Liberty Utilities family," said Ian Robertson, Chief Executive Officer of APUC. "St. Lawrence Gas represents a new avenue for future investment as we look forward to serving the area with clean, affordable natural gas for their homes and businesses."
APUC looks forward to providing increased access to natural gas in northern New York State service territories, in particular the expansion areas of St. Lawrence and Franklin Counties. The Company also plans to make access more readily available to residents and small businesses through a shareholder-funded Carbon Reduction Initiative. The fund will be used to off-set the customer cost to convert to natural gas from oil or propane, as well as for energy efficiency improvements.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding the continuation and expansion of access to natural gas in northern New York State, the planned Carbon Reduction Initiative and the anticipated use of funds from such initiative. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-completes-acquisition-of-enbridge-st-lawrence-gas-300949661.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Oct. 18, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release its third quarter 2019 financial results on Thursday, November 7, 2019, after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, November 8, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: | Friday, November 8, 2019 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US | 1-800-319-4610 |
Toronto local | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20191108.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: (available until November 22, 2019) | Toll Free Canada/US | 1-855-669-9658 |
Vancouver local | 1-604-674-8052 | |
Access code | 3675 |
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-dates-for-third-quarter-2019-financial-results-and-conference-call-300941419.html
SOURCE Algonquin Power & Utilities Corp.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.
OAKVILLE, ON, Oct. 10, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced that it has priced an underwritten marketed public offering of 23,000,000 common shares of the Company at a price to the public of US$13.50 per share (the "Offering"), for total gross proceeds to APUC of US$310.5 million, before deducting underwriting discounts and commissions and other offering expenses payable by APUC. The Offering was upsized to 23,000,000 common shares from the previously announced offering size of 21,520,804 common shares in light of market demand. In conjunction with the Offering, APUC has granted the underwriters involved in the Offering an option to purchase up to an additional 3,450,000 common shares of the Company for a period of 30 days. The Offering is expected to close on or about October 16, 2019, subject to customary closing conditions.
The net proceeds from the Offering will be used to partially finance certain of the Company's previously-announced acquisitions, to partially finance the Company's renewable development growth projects, and for general corporate purposes.
Morgan Stanley and Wells Fargo Securities are acting as lead book-running managers for the Offering, BofA Merrill Lynch and J.P. Morgan are acting as book-running managers for the Offering, and RBC Capital Markets, CIBC Capital Markets, Scotiabank, TD Securities Inc. and Raymond James are acting as co-managers for the Offering.
The Offering is being made to the public only by means of a short form base shelf prospectus and the related prospectus supplement. The short form base shelf prospectus and the related prospectus supplement contain important information about the Offering. Investors should read the short form base shelf prospectus and the related prospectus supplement before making an investment decision. Copies of the short form base shelf prospectus and the related prospectus supplement may be obtained, when available, for free by visiting www.sedar.com or EDGAR on the SEC's website at www.sec.gov (File No. 333-227245).
Copies of the short form base shelf prospectus and the prospectus supplement relating to the Offering may also be obtained, when available, from Morgan Stanley at the following address: Morgan Stanley & Co. LLC, Attention: Morgan Stanley Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014 and from Wells Fargo Securities at the following address: Wells Fargo Securities Canada, Ltd., Attention: Ryan Cheung, 22 Adelaide St. W., Suite 2200, Toronto, ON M5H 4E3. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately US$10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to statements regarding the closing of the Offering and the expected use of proceeds. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and base shelf prospectus and prospectus supplement relating to the Offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-pricing-of-upsized-public-offering-of-common-shares-300937020.html
SOURCE Algonquin Power & Utilities Corp.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.
OAKVILLE, ON, Oct. 7, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced the commencement of an underwritten marketed public offering (the "Offering") of 21,520,804 common shares of the Company.
In conjunction with the Offering, APUC expects to grant the underwriters involved in the Offering an option to purchase up to an additional 3,228,120 common shares for a period of 30 days following pricing of the Offering.
The net proceeds from the Offering will be used to partially finance certain of the Company's previously-announced acquisitions, to partially finance the Company's renewable development growth projects, and for general corporate purposes.
Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers for the Offering.
The Offering is being made to the public only by means of a short form base shelf prospectus and the related preliminary prospectus supplement. The short form base shelf prospectus and the related preliminary prospectus supplement contain important information about the Offering. Investors should read the short form base shelf prospectus and the related preliminary prospectus supplement before making an investment decision. Copies of the short form base shelf prospectus and the related preliminary prospectus supplement may be obtained for free by visiting www.sedar.com or EDGAR on the SEC's website at www.sec.gov (File No. 333-227245).
Copies of the short form base shelf prospectus and the preliminary prospectus supplement relating to the Offering may also be obtained from Morgan Stanley at the following address: Morgan Stanley & Co. LLC, Attention: Morgan Stanley Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014 and from Wells Fargo at the following address: Wells Fargo Securities Canada, Ltd., Attention: Ryan Cheung, 22 Adelaide St. W., Suite 2200, Toronto, ON M5H 4E3. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately US$10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to statements regarding information as to the timing, conditions and terms of the Offering; the size of the Offering; and the expected use of proceeds. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and base shelf prospectus and preliminary prospectus supplement relating to the Offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-public-offering-of-common-shares-300933290.html
SOURCE Algonquin Power & Utilities Corp.
Acquisition of 24th regulated utility since 2009 further positions the company for growth
Highlights:
OAKVILLE, ON, Oct. 1, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that its subsidiary Liberty Utilities (Canada) LP, APUC's wholly-owned regulated utility business in Canada, successfully completed its acquisition of Enbridge Gas New Brunswick Limited Partnership along with its general partner ("New Brunswick Gas"), a subsidiary of Enbridge Inc. (TSX: ENB) (the "Transaction"). New Brunswick Gas is a regulated utility that provides natural gas to approximately 12,000 customers in 12 communities across New Brunswick, and operates approximately 1,200 km of natural gas distribution pipeline.
"We are pleased to mark a new milestone in the growth of our utility business with the acquisition of our first regulated utility in Canada," said Ian Robertson, Chief Executive Officer of APUC. "New Brunswick Gas has tremendous potential for growth which will be supported by our Fuel for the Future fund to assist residents of New Brunswick with the transition to clean, affordable natural gas for their homes and businesses."
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding the anticipated benefits of the Transaction and APUC's prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-completes-acquisition-of-new-brunswick-gas-300928044.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 8, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced financial results for the second quarter ended June 30, 2019. All amounts are shown in United States dollars ("U.S. $" or "$") unless otherwise noted.
Q2 2019 Financial Highlights
Key Financial Information
All amounts in U.S. $ millions except per share information | Quarter ended June 30 | Six months ended June 30 | ||||
2019 | 2018 | Change | 2019 | 2018 | Change | |
Revenue | 343.6 | 366.1 | (6)% | 820.8 | 860.4 | (5)% |
Net earnings attributable to shareholders | 156.6 | 65.5 | 139% | 243.0 | 83.1 | 192% |
Per share | 0.31 | 0.14 | 121% | 0.49 | 0.18 | 172% |
Cash provided by operating activities | 133.6 | 133.3 | 0% | 255.7 | 230.3 | 11% |
Adjusted Net Earnings1 | 55.0 | 50.9 | 8% | 148.7 | 191.9 | (23)% |
Per share | 0.11 | 0.11 | 0% | 0.29 | 0.42 | (31)% |
Adjusted EBITDA1 | 189.8 | 160.8 | 18% | 421.5 | 439.8 | (4)% |
Adjusted Funds from Operations1 | 128.3 | 113.9 | 13% | 301.9 | 293.8 | 3% |
Dividends per share | 0.1410 | 0.1282 | 10% | 0.2692 | 0.2447 | 10% |
1. Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
Q2 2019 APUC Corporate Highlights
Q2 2019 Liberty Utilities Group Highlights
"We are pleased to report solid operating results for the second quarter of 2019 while at the same time making significant progress on the execution of our five year $7.5 billion capital plan," said Ian Robertson, Chief Executive Officer of APUC. "We have received the final certificates allowing 600 MW of new wind generation to be built in the U.S. Midwest as we transition away from coal generation. This is part of our 'Greening the Fleet' initiative which continues to demonstrate our ongoing commitment to sustainability."
APUC's financial statements and MD&A are available on its web site at www.AlgonquinPowerandUtilities.com and under its issuer profile on SEDAR at www.sedar.com.
APUC will hold an earnings conference call at 10:00 a.m. Eastern Time on Friday, August 9, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: | Friday, August 9, 2019 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US: | 1-800-319-4610 |
Toronto local: | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20190809.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: (available until August 24) | Toll Free Canada/US: | 1-855-669-9658 |
Vancouver local: | 1-604-674-8052 | |
Access code: | 3415 |
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to: expectations with respect to the timing and amounts of APUC's growth plans, earnings, cash flow and dividend amounts; expectations regarding the timing for closing the acquisition of Ascendant; and expectations and plans with respect to current and planned capital projects. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim Management Discussion and Analysis and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest U.S. GAAP measure of "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" can be found in APUC's Management's Discussion & Analysis for the quarter ended June 30, 2019.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests, non-service pension and post-employment costs, cost related to tax equity financing, gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts, changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Reconciliation of Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(all dollar amounts in $ millions) | 2019 | 2018 | 2019 | 2018 | |||||||
Net earnings attributable to shareholders | $ | 156.6 | $ | 65.5 | $ | 243.0 | $ | 83.1 | |||
Add (deduct): | |||||||||||
Net earnings attributable to the non-controlling interest, exclusive of HLBV 1 | 7.6 | 0.4 | 15.2 | 1.1 | |||||||
Income tax expense | 20.8 | 6.8 | 35.6 | 39.9 | |||||||
Interest expense on long-term debt and others | 45.8 | 38.4 | 88.5 | 73.9 | |||||||
Other losses (gains) | 5.4 | (0.4) | 6.0 | (1.6) | |||||||
Acquisition-related costs | 0.4 | 1.0 | 2.4 | 8.6 | |||||||
Pension and post-employment non-service costs | 3.7 | 0.5 | 5.0 | 0.3 | |||||||
Change in value of investments carried at fair value | (121.4) | (15.0) | (115.6) | 102.0 | |||||||
Loss (gain) on derivative financial instruments | (0.4) | 0.1 | (0.2) | 0.2 | |||||||
Realized loss on energy derivative contracts | — | — | (0.2) | — | |||||||
Loss (gain) on foreign exchange | 1.5 | (1.3) | 0.9 | (1.1) | |||||||
Depreciation and amortization | $ | 69.8 | $ | 64.8 | $ | 140.9 | $ | 133.4 | |||
Adjusted EBITDA | $ | 189.8 | $ | 160.8 | $ | 421.5 | $ | 439.8 |
1 HLBV represents the value of net tax attributes earned during the period primarily from electricity generated by certain U.S. wind power and U.S. solar generation facilities. HLBV earned in the three and six months ended June 30, 2019 amounted to $18.3 million and $37.0 million as compared to $11.2 million and $91.3 million during the same period in 2018. In the first quarter of 2018, a one-time acceleration of HLBV income in the amount of $55.9 million was recorded as a result of U.S. Tax Reform. Excluding the one-time acceleration of HLBV due to U.S. Tax Reform, Adjusted EBITDA increased by $37.6 million year over year. |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with U.S. GAAP.
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(all dollar amounts in $ millions except per share information) | 2019 | 2018 | 2019 | 2018 | |||||||
Net earnings attributable to shareholders | $ | 156.6 | $ | 65.5 | $ | 243.0 | $ | 83.1 | |||
Add (deduct): | |||||||||||
Loss (gain) on derivative financial instruments | (0.4) | 0.1 | (0.2) | 0.2 | |||||||
Realized loss on derivative financial instruments | — | — | (0.2) | — | |||||||
Loss (gain) on long-lived assets | 5.9 | (0.2) | 6.1 | (1.4) | |||||||
Loss (gain) on foreign exchange | 1.5 | (1.3) | 0.9 | (1.1) | |||||||
Acquisition-related costs | 0.4 | 1.0 | 2.4 | 8.6 | |||||||
Change in value of investments carried at fair value | (121.4) | (15.0) | (115.6) | 102.0 | |||||||
Adjustment for taxes related to above | 12.4 | 0.8 | 12.3 | 0.5 | |||||||
Adjusted Net Earnings | $ | 55.0 | $ | 50.9 | $ | 148.7 | $ | 191.9 | |||
Adjusted Net Earnings per share1 | $ | 0.11 | $ | 0.11 | $ | 0.29 | $ | 0.42 |
Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to funds from operations in accordance with U.S. GAAP.
The following table shows the reconciliation of funds from operations to Adjusted Funds from Operations exclusive of these items:
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(all dollar amounts in $ millions) | 2019 | 2018 | 2019 | 2018 | |||||||
Cash flows from operating activities | $ | 133.6 | $ | 133.3 | $ | 255.7 | $ | 230.3 | |||
Add (deduct): | |||||||||||
Changes in non-cash operating items | (5.7) | (23.0) | 40.2 | 40.0 | |||||||
Production based cash contributions from non-controlling interests | — | 2.6 | 3.6 | 13.9 | |||||||
Acquisition-related costs | 0.4 | 1.0 | 2.4 | 8.6 | |||||||
Reimbursement of operating expenses incurred on joint venture | — | — | — | 1.0 | |||||||
Adjusted Funds from Operations | $ | 128.3 | $ | 113.9 | $ | 301.9 | $ | 293.8 |
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 8, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX:AQN) / (NYSE: AQN) announced today that the Board of Directors has declared a dividend of U.S.$0.1410 per share on its common shares, payable on October 15, 2019, to the shareholders of record on September 30, 2019, for the period from July 1, 2019 to September 30, 2019. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.1878.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 8, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D)(NYSE: AQN, AQNA) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S.$10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, July 18, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release its second quarter 2019 financial results on Thursday, August 8, 2019, after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 9, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: | Friday, August 9, 2019 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US | 1-800-319-4610 |
Toronto local | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20190809.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: | Toll Free Canada/US | 1-855-669-9658 |
(available until August 23, 2019) | Vancouver local | 1-604-674-8052 |
Access code | 3415 |
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, June 20, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX/NYSE:AQN) is pleased to announce that its regulated utility business, Liberty Utilities, today received certificates of convenience and necessity ("CC&N") to acquire, once completed, three wind farms generating up to 600 megawatts of wind energy located in Barton, Dade, Lawrence, and Jasper Counties in Missouri and in Neosho County, Kansas. Collectively these projects are referred to as the Customer Savings Plan.
Receipt of the CC&N allows construction to commence on the three wind generation sites. Construction of the wind farms is expected to begin in the third quarter of 2019 and to be completed by the end of 2020. The Customer Savings Plan is expected to result in the investment of more than U.S. $1.1 billion, while reducing energy costs for customers over the life of the project.
"The receipt of the CC&Ns is an important milestone in the implementation of the Customer Savings Plan," said Ian Robertson, Chief Executive Officer of APUC. "The addition of 600 MW of wind energy to displace fossil-based energy sources will not only provide cost-saving benefits to our Midwest electric utility customers but will also deliver other significant economic and environmental benefits. Initiatives such as the Customer Savings Plan are important in the transition of our supply mix to clean energy sources and underpin APUC's commitment to contribute meaningfully to a sustainable energy future."
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends", "estimates" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to expectations regarding: commencement and completion of construction of the wind projects comprising the Customer Savings Plan; the anticipated capital investment and effect on Empire's rate base; and expected customer savings and environmental benefits. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, June 6, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX/NYSE: AQN) today announced that at the Company's annual and special meeting of shareholders held on June 6, 2019, all of the nominees listed in its management information circular dated April 26, 2019 were elected as directors of APUC until the next annual meeting of shareholders. The detailed voting results for the election of directors are set out below.
On a vote by ballot, each of the following nine nominees proposed by management was elected as a director of APUC. The results of the ballot were as follows:
Nominee | Votes For | % For | Votes Withheld | % Withheld |
Christopher Ball | 238,876,237 | 98.82% | 2,864,420 | 1.18% |
Melissa Stapleton Barnes | 240,033,777 | 99.29% | 1,706,880 | 0.71% |
Christopher Jarratt | 212,965,143 | 88.10% | 28,775,514 | 11.90% |
D. Randy Laney | 236,752,149 | 97.94% | 4,988,508 | 2.06% |
Kenneth Moore | 239,846,139 | 99.22% | 1,894,518 | 0.78% |
Ian Robertson | 240,566,112 | 99.51% | 1,174,545 | 0.49% |
Masheed Saidi | 240,057,463 | 99.30% | 1,683,194 | 0.70% |
Dilek Samil | 236,019,181 | 97.63% | 5,721,476 | 2.37% |
George Steeves | 239,569,467 | 99.10% | 2,171,190 | 0.90% |
Shareholders also voted in favour of an advisory resolution on the Company's approach to executive compensation, a resolution approving the unallocated options under the Company's stock option plan, a resolution approving the continuation, amendment and restatement of the Company's shareholder rights plan, a resolution confirming and approving the Company's by-law setting out advance notice requirements for the nomination of directors, and the re-appointment of Ernst & Young LLP as the Company's auditor for the upcoming year.
Final voting results on all matters voted on at the annual and special meeting of shareholders will be filed with Canadian and U.S. securities regulatory authorities at www.sedar.com and www.sec.gov.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series 2018-A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
Transaction continues APUC's growth program through further expansion of its regulated utility business in a high quality jurisdiction
This news release constitutes a "designated news release" for the purposes of APUC's prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.
Highlights:
OAKVILLE, ON, June 3, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/ NYSE:AQN) announced the execution of an implementation agreement with the Ascendant Group Limited ("Ascendant") (BSX:AGL.BH) pursuant to which APUC's international power and utilities investment platform, AAGES, is expected to acquire Ascendant and its subsidiaries (the "Transaction"). Ascendant, through its major subsidiary, Bermuda Electric Light Company, is the sole electric utility providing safe and reliable regulated electrical generation, transmission and distribution services to Bermuda.
Under the terms of the all-cash transaction, which has been unanimously approved by the Board of Directors of each company, Ascendant's shareholders will receive U.S. $36.00 per common share, representing an aggregate share purchase price of approximately U.S. $365 million.
"The acquisition of Bermuda Electric Light Company builds materially on our international growth program through the addition of this high-quality utility, an acquisition which will be immediately accretive to earnings," said Ian Robertson, Chief Executive Officer of APUC. "In addition to Ascendant customer and employee benefits coming from the scale of our existing utility operations, we are confident that our demonstrated capability in renewable energy development can help Bermuda realize on its carbon reduction aspirations."
Continuing Commitment to Our Communities, Customers and Employees
APUC will work closely with the Bermuda Government and the Regulatory Authority to ensure a seamless transition so that the residents and businesses of Bermuda will continue to receive the same safe, reliable and cost effective utility service that they currently enjoy. APUC is committed to maintaining the existing local management and operations teams. Customers should not expect any impact to rates from the acquisition. AAGES' project implementation experience is available to support the major generation rehabilitation program underway at Ascendant and help accelerate Bermuda's commitment to reducing carbon intensity.
Investment Grade Financing Plan
The financing plan for the Transaction is expected to be consistent with APUC's current credit profile and strong investment grade credit ratings. Closing of the Transaction is expected to occur in late 2019 and is subject to customary closing conditions, including the approval of Ascendant's common shareholders, and the receipt of certain regulatory and government approvals in Bermuda.
For more transaction details, see the fact sheet located at http://investors.algonquinpower.com/MNA
Raymond James Ltd. acted as financial advisor, Husch Blackwell LLP acted as corporate legal counsel, and Conyers Dill & Pearman acted as local legal counsel to APUC.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and distribution utility with approximately U.S. $10 billion of total assets. Through its two business groups, APUC is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to nearly 800,000 connections in the United States and Canada, and is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing over 2.5 GW of net installed capacity and more than 500 MW of incremental renewable energy capacity under construction. APUC delivers continuing growth through an expanding global pipeline of renewable energy, electric transmission, and water infrastructure development projects, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series 2018-A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to: statements regarding expected earnings and cash flow accretion, expected financing plan and impact on credit metrics, expectations regarding Ascendant employees and community engagement, the completion and benefits of the proposed transaction (including the involvement of AAGES), anticipated Ascendant dividends, expectations regarding Ascendant's continuing operations, and funding for the transaction. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and prospectus and prospectus supplement relating to the offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures
The term "earnings before interest, taxes, depreciation and amortization" ("EBITDA") may be used in this document. EBITDA is not a recognized measure under GAAP. There is no standardized measure of EBITDA, consequently APUC's method of calculating this measure may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation and analysis of EBITDA can be found in APUC's most recent Management Discussion & Analysis.
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SOURCE Algonquin Power & Utilities Corp.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.
OAKVILLE, ON, May 16, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced that it has priced an underwritten public offering of US$350 million aggregate principal amount of 6.20% fixed-to-floating subordinated notes, Series 2019-A due July 1, 2079 (the "Notes"). The sale of the Notes is expected to close on or about May 23, 2019, subject to customary closing conditions.
APUC intends to use the net proceeds of the offering to repay existing indebtedness under the Company's term credit facility and the Liberty Utilities Group revolving credit facility, to partially finance the Company's previously-announced acquisition of Enbridge Gas New Brunswick Limited Partnership, and for general corporate purposes. APUC has applied for listing of the Notes on the New York Stock Exchange. Concurrent with the Offering, APUC entered into a cross currency swap to convert the U.S. dollar denominated proceeds from the offering into Canadian dollars, resulting in an effective interest rate to the Company throughout the fixed-rate period of the Notes of approximately 5.96%.
The joint book-running managers for the offering are BofA Merrill Lynch, J.P. Morgan, RBC Capital Markets, and Wells Fargo Securities (collectively, the "Underwriters").
The offering is being made to the public only by means of a short form base shelf prospectus and related prospectus supplement, which are part of an effective registration statement filed with the U.S. Securities and Exchange Commission ("SEC"). The terms of the Notes will be set forth in a final prospectus supplement to be filed by APUC under APUC's issuer profile on SEDAR at www.sedar.com and with the SEC at www.sec.gov. The short form base shelf prospectus and the related prospectus supplement will contain important information about the Notes. Investors should read the short form base shelf prospectus and the related prospectus supplement before making an investment decision. Copies of the short form base shelf prospectus and the related prospectus supplement may be obtained for free by visiting www.sedar.com or EDGAR on the SEC's website at www.sec.gov. Alternatively, APUC, any underwriter or any dealer participating in the offering will arrange to send you the short form base prospectus and the related prospectus supplement if you request it by calling BofA Securities, Inc. toll‐free at 1‐800‐294‐1322; J.P. Morgan Securities LLC at 1‐212‐834‐4533; RBC Capital Markets, LLC toll-free at 1-866-375-6829; or Wells Fargo Securities, LLC toll‐free at 1‐800‐645‐3751.
The Notes are not being qualified for distribution to purchasers in Canada, or to residents of Canada, under the securities laws of the Province of Ontario or any other province or territory of Canada. The Notes may not be, directly or indirectly, offered, sold or delivered in Canada or to residents of Canada except pursuant to an exemption from the prospectus requirements of Canadian securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described in this news release, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9.7 billion of total assets. Through its two business groups, APUC provides rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to approximately 770,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series 2018-A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to: statements regarding the closing of the offering; the listing of the Notes; and the expected use of the net proceeds from the offering. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and prospectus and prospectus supplement relating to the offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 9, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced financial results for the first quarter ended March 31, 2019. All amounts are shown in United States dollars ("U.S. $" or "$"), unless otherwise noted.
"During the first quarter of 2019, we continued to advance our major development projects, including our Customer Savings Plan which involves the development of 600 megawatts of new wind power generation to both reduce customers' monthly electric bill and reduce carbon emissions in the mid-west," said Ian Robertson, Chief Executive Officer of APUC. "We are also pleased that our Board of Directors has approved a 10% increase in our dividend, a decision that is supported by another year of successful execution of our strategic plan and growth of our earnings and cash flows."
Q1 2019 Financial Highlights
Key Financial Information
All dollar amounts in U.S. $ millions except per share information | Q1 2019 | Q1 2018 | Variance |
Revenue | 477.2 | 494.8 | -4% |
Net earnings attributable to shareholders | 86.4 | 17.6 | 391% |
Per share | 0.17 | 0.04 | 325% |
Adjusted Net Earnings1 | 93.8 | 141.0 | -33% |
Per share | 0.19 | 0.32 | -41% |
Adjusted EBITDA1 | 231.5 | 279.6 | -17% |
Adjusted Funds from Operations1 | 173.5 | 179.9 | -4% |
Dividend per share | 0.1282 | 0.1165 | 10% |
1. | Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
APUC Business Highlights
Liberty Power Group Highlights
Liberty Utilities Group Highlights
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com and under its issuer profile on SEDAR at www.sedar.com.
Earnings Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 10, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Date: | Friday, May 10, 2019 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US: | 1-800-319-4610 |
Toronto local: | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20190510.html Presentation also available at: www.algonquinpowerandutilities.com | |
Call Replay: | Toll Free Canada/US: | 1-855-669-9658 |
(available until May 25) | Vancouver local: | 1-604-674-8052 |
Access code: | 3134 | |
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9.7 billion of total assets. Through its two business groups, APUC provides rate-regulated natural gas, water, and electricity generation, transmission, and distribution utility services to approximately 770,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long‐term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series 2018-A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this new release include, but are not limited to: expectations with respect to the timing and amounts of APUC's growth plans, earnings, cash flow and dividend amounts; and expectations and plans with respect to current and planned capital projects. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim Management Discussion and Analysis and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA", and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest U.S. GAAP measure of "Adjusted Net Earnings", "Adjusted EBITDA", and "Adjusted Funds from Operations" can be found in APUC's Management's Discussion & Analysis for the quarter ended March 31, 2019.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests, non-service pension and post-employment costs, cost related to tax equity financing, gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts, changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Reconciliation of Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
(all dollar amounts in U.S. $ millions) | Three Months Ended March 31 | |
2019 | 2018 | |
Net earnings attributable to shareholders | $86.4 | $17.6 |
Add (deduct): | ||
Net earnings attributable to non-controlling interest, exclusive of HLBV | 7.6 | 0.7 |
Income tax expense | 14.8 | 33.1 |
Interest expense on long-term debt and others | 42.6 | 35.5 |
Other losses (gains) | 0.6 | (1.2) |
Acquisition-related costs | 1.9 | 7.6 |
Pension and post-employment non-service costs | 1.3 | 0.4 |
Change in value of investment in Atlantica carried at fair value | 5.8 | 117.0 |
Loss on derivative financial instruments | 0.2 | 0.1 |
Realized loss on energy derivative contracts | (0.2) | — |
Loss (gain) on foreign exchange | (0.5) | 0.2 |
Depreciation and amortization | 71.0 | 68.6 |
Adjusted EBITDA | $231.5 | $279.6 |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to consolidated net earnings in accordance with U.S. GAAP.
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
(all dollar amounts in U.S. $ millions, except per share data) | Three Months Ended March 31 | |
2019 | 2018 | |
Net earnings attributable to shareholders | $86.4 | $17.6 |
Add (deduct): | ||
Loss on derivative financial instruments | 0.2 | 0.1 |
Realized loss on energy derivative contracts | (0.2) | — |
Loss (gain) on long-lived assets, net | 0.2 | (1.2) |
Loss (gain) on foreign exchange | (0.5) | 0.2 |
Acquisition-related costs | 1.9 | 7.6 |
Change in value of investment in Atlantica carried at fair value | 5.8 | 117.0 |
Adjustment for taxes related to above | — | (0.3) |
Adjusted Net Earnings | $93.8 | $141.0 |
Adjusted Net Earnings per share1 | $0.19 | $0.32 |
1. | Per share amount calculated after preferred share dividends and excluding subscription receipts issued for projects or acquisitions not reflected in earnings. |
Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to funds from operations in accordance with U.S. GAAP.
The following table shows the reconciliation of funds from operations to Adjusted Funds from Operations exclusive of these items:
(all dollar amounts in U.S. $ millions) | Three Months Ended March 31 | |
2019 | 2018 | |
Cash flows from operating activities | $122.1 | $97.0 |
Add (deduct): | ||
Changes in non-cash operating items | 45.9 | 63.0 |
Production based cash contributions from non-controlling interests | 3.6 | 11.3 |
Acquisition-related costs | 1.9 | 7.6 |
Reimbursement of operating expenses incurred on joint venture | — | 1.0 |
Adjusted Funds from Operations | $173.5 | $179.9 |
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-2019-first-quarter-financial-results-300847827.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 9, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN, AQNA) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9.7 billion of total assets. Through its two business groups, APUC provides rate-regulated natural gas, water, and electricity generation, transmission, and distribution utility services to approximately 770,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long‐term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series 2018-A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-declares-second-quarter-2019-preferred-share-dividends-300847750.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 9, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the Board of Directors of APUC approved a dividend increase of U.S. $0.0512 annually per common share to a total dividend of U.S. $0.5640 per common share, paid quarterly at a rate of U.S. $0.1410 per common share.
APUC also announced today that the Board has declared a dividend of U.S. $0.1410 per share on its common shares, payable on July 15, 2019 to the shareholders of record on June 28, 2019 for the period from April 1, 2019 to June 30, 2019. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.1899.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9.7 billion of total assets. Through its two business groups, APUC provides rate-regulated natural gas, water, and electricity generation, transmission, and distribution utility services to approximately 770,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long‐term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series 2018-A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, April 11, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release its first quarter 2019 financial results on Thursday, May 9, 2019, after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 10, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: | Friday, May 10, 2019 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US | 1-800-319-4610 |
Toronto local | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20190510.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: | Toll Free Canada/US | 1-855-669-9658 |
Vancouver local | 1-604-674-8052 | |
Access code | 3134 |
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate-regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 768,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long‐term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-dates-for-first-quarter-2019-financial-results-and-conference-call-300831071.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 21, 2019 /PRNewswire/ - Further to the press releases of Algonquin Power & Utilities Corp. (TSX:AQN, AQN.PR.D) (NYSE: AQN) ("APUC" or the "Company") dated February 26, 2019 and March 1, 2019, APUC announced today that none of its outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D (the "Series D Preferred Shares") will be converted on April 1, 2019, into Cumulative Floating Rate Preferred Shares, Series E (the "Series E Preferred Shares") of the Company. During the conversion notice period which ran from March 1, 2019 to March 15, 2019, less than 1,000,000 Series D Preferred Shares were tendered for conversion into Series E Preferred Shares.
As per the terms and conditions of the Series D Preferred Shares described in the prospectus supplement of the Company dated February 25, 2014 to a short form base shelf prospectus of the Company dated February 18, 2014 relating to the issuance of Series D Preferred Shares, since there would remain outstanding on April 1, 2019, after having taken into account all Series D Preferred Shares tendered for conversion into Series E Preferred Shares, less than 1,000,000 Series E Preferred Shares, holders of Series D Preferred Shares who tendered their Series D Preferred Shares for conversion will not be entitled to convert their Series D Preferred Shares into Series E Preferred Shares. As a result, Series E Preferred Shares will not be issued at this time.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 768,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long‐term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate-regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "expected", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-results-of-exercise-of-conversion-rights-of-cumulative-rate-reset-preferred-shares-series-d-300816809.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 1, 2019 /PRNewswire/ - Further to the news release of Algonquin Power & Utilities Corp. (TSX: AQN, AQN.PR.D) (NYSE: AQN) ("APUC" or the "Company") dated February 26, 2019, APUC announced today the applicable dividend rates for its Cumulative Rate Reset Preferred Shares, Series D (the "Series D Preferred Shares") and Cumulative Floating Rate Preferred Shares, Series E (the "Series E Preferred Shares").
With respect to any Series D Preferred Shares that remain outstanding after April 1, 2019, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Company (the "Board"). The dividend rate for the 5-year period from and including March 31, 2019 to but excluding March 31, 2024 will be 5.091%, being equal to the 5-year Government of Canada bond yield determined as of today plus 3.28%, in accordance with the terms of the Series D Preferred Shares.
With respect to any Series E Preferred Shares that may be issued on April 1, 2019, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board. The dividend rate for the 3-month floating rate period from and including March 31, 2019 to but excluding June 30, 2019 will be 4.962%, being equal to the 3-month Government of Canada Treasury Bill yield determined as of today plus 3.28%, calculated on the basis of the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series E Preferred Shares.
Beneficial owners of Series D Preferred Shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of the Series D Preferred Shares can meet the deadline to exercise such conversion right, which is 5:00 p.m. (EST) on March 15, 2019.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 768,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "expected", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to, the declaration of quarterly dividends. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 28, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that it has established an at-the-market equity program ("ATM Program") that allows APUC to issue up to U.S.$250,000,000 (or the equivalent in Canadian dollars) of common shares from treasury ("Common Shares") to the public from time to time, at APUC's discretion, at the prevailing market price when issued on the Toronto Stock Exchange (the "TSX"), the New York Stock Exchange (the "NYSE") or on any other existing trading market for the Common Shares in Canada or the United States.
The ATM Program provides APUC with additional financing flexibility should it be required in the future. The volume and timing of distributions under the ATM Program, if any, will be determined at APUC's sole discretion. The ATM Program will be effective until October 19, 2020 unless terminated prior to such date by APUC or otherwise in accordance with the terms of the equity distribution agreement dated February 28, 2019 (the "Equity Distribution Agreement"). APUC intends to use the net proceeds from the ATM Program, if any, to fund acquisitions, general and administrative expenses, working capital needs, repayment of indebtedness and/or other general corporate purposes.
Sales of the Common Shares through the ATM Program will be made pursuant to the terms of the Equity Distribution Agreement among APUC and RBC Dominion Securities Inc., J.P. Morgan Securities Canada Inc., Merrill Lynch Canada Inc., Scotia Capital Inc. and TD Securities Inc. (collectively, the "Canadian Agents") and RBC Capital Markets, LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce Fenner & Smith Incorporated, Scotia Capital (USA) Inc. and TD Securities (USA) LLC (the "U.S. Agents" and, together with the Canadian Agents, the "Agents").
Since the Common Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers and during the period of distribution. The ATM Program is being established pursuant to a prospectus supplement dated February 28, 2019 (the "Canadian Prospectus Supplement") to APUC's Canadian base shelf prospectus dated September 18, 2018 (the "Shelf Prospectus") and pursuant to a prospectus supplement dated February 28, 2019 (the "U.S. Prospectus Supplement") to APUC's U.S. base prospectus dated September 18, 2018 (the "U.S. Base Prospectus") included in its U.S. registration statement on Form F-10 (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission. The Canadian Prospectus Supplement and Shelf Prospectus are available on SEDAR at www.sedar.com and the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at www.sec.gov. Alternatively, the Agents will arrange to send copies of the Canadian Prospectus Supplement and the Shelf Prospectus or the U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement, as applicable, upon request by contacting in Canada:
RBC Dominion Securities Inc. by mail at RBC Wellington Square, 8th Floor, 180 Wellington St. W., Toronto Ontario, M5J 0C2, attn: Distribution Centre or by email at Distribution.RBCDS@rbccm.com.
J.P. Morgan Securities Canada Inc. by mail at 66 Wellington St W, Suite 4500, Toronto, ON, M5K 1E7.
Merrill Lynch Canada Inc. by mail at 181 Bay Street. Suite 400, Toronto Ontario M5J2V8, attn: Capital Markets.
Scotia Capital Inc. by mail at Scotia Plaza, 64th Floor, 40 King Street West, Toronto, ON M5H 3Y2, attn: Equity Capital Markets, by email at ecm@scotiabank.com or by telephone at 416.862.5837.
TD Securities Inc. by mail at Symcor, NPM, 1625 Tech Avenue, Mississauga, Ontario L4W 5P5, by email at sdcconfirms@td.com or by telephone at 289.360.2009.
or in the U.S.:
RBC Capital Markets, LLC by mail at 200 Vesey Street, 8th Floor, New York, NY 10281-8098, attn: Equity Syndicate, by email at equityprospectus@rbccm.com or by telephone at 877.822.4089.
J.P. Morgan Securities LLC by mail at and c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, attn: Prospectus Department, by email at prospectus-eq_fi@jpmchase.com or by telephone at 1.866.803.9204.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, by mail at 200 North College Street, 3rd floor, Charlotte NC 28255-0001, attn: Prospectus Department.
Scotia Capital (USA) Inc. by mail at 250 Vesey Street, 24th Floor, New York, NY 10281, attn: Equity Capital Markets, by email at us.ecm.syndicate@scotiabank.com or by telephone at 212.225.6853.
TD Securities (USA) LLC by mail at 31 W 52nd Street, New York, NY 10019 or by telephone at 212.827.7392.
This news release shall not in any circumstances constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to the registration or qualification under the applicable securities laws of any jurisdiction.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 768,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "intends", "expects", "anticipates" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include the anticipated sale and distribution of Common Shares under the ATM Program and the volume and timing of the sale and distribution of Common Shares under the ATM Program. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-establishes-at-the-market-equity-program-300804771.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 28, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN, AQNA) announced today that the Board of Directors has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
APUC recently announced that it does not intend to exercise its right to redeem its Cumulative Rate Reset Preferred Shares, Series D on April 1, 2019, and that as a result, subject to certain conditions, the holders of the Preferred Shares, Series D will have the right to convert such shares into Cumulative Floating Rate Preferred Shares, Series E. For further information, refer to the press release of the Company issued on February 26, 2019, which may be found on our corporate website at www.algonquinpowerandutilities.com and in our corporate filings, on SEDAR (https://sedar.com) and EDGAR (https://www.sec.gov/edgar.shtml).
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 768,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "intends", "expects" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include statements with respect to the payment of dividends on the common shares of APUC. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-declares-first-quarter-2019-preferred-share-dividends-300804654.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 28, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the Board of Directors has declared a dividend of U.S.$0.1282 per share on its common shares, payable on April 15, 2019, to the shareholders of record on March 29, 2019, for the period from January 1, 2019 to March 31, 2019. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.1685.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 768,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "intends", "expects" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include statements with respect to the payment of dividends on the common shares of APUC. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-declares-first-quarter-2019-common-share-dividend-of-us-0-1282-c0-1685-300804649.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 28, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced its financial results for the fourth quarter and year-ended December 31, 2018.
"Our fourth quarter and full year 2018 results reflect another great year of progress and growth across our businesses, both domestically and internationally. We saw the completion of 150 MW of sustainable new wind and solar capacity, welcomed further regulatory progress in support of our Customer Saving Plan initiative, announced the purchase of New Brunswick Gas, and added to our interest in Atlantica Yield," said Ian Robertson, Chief Executive Officer of APUC. "As we move through 2019, we remain highly focused on delivering on our five-year, $7.5 billion growth plan which is designed to drive growth in earnings and cash flows to support compelling total returns for our shareholders."
Fourth Quarter and Full Year Financial Highlights
Fourth Quarter and Full Year Financial Results Table
In USD millions or on a per share basis unless | Quarterly | Annual | ||||
Quarter ended Dec. 31, 2018 | Year ended Dec. 31, 2018 | |||||
2018 | 2017 | Variance | 2018 | 2017 | Variance | |
Revenue | $419.9 | $409.5 | 3% | $1,647.4 | $1,521.9 | 8% |
Net earnings attributable to shareholders | $44.0 | $47.2 | -7% | $185.0 | $149.5 | 24% |
Per share | $0.09 | $0.11 | -18% | $0.38 | $0.37 | 3% |
Adjusted net earnings1 | $70.5 | $67.0 | 5% | $312.2 | $225.0 | 39% |
Per share | $0.14 | $0.16 | -13% | $0.66 | $0.57 | 16% |
Adjusted EBITDA1 | $196.9 | $185.8 | 6% | $803.3 | $689.4 | 17% |
Adjusted Funds from Operations1 | $132.5 | $126.0 | 5% | $554.1 | $477.1 | 16% |
Dividend per share | $0.1282 | $0.1165 | 10% | $0.5011 | $0.4660 | 8% |
1. | Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
FY18 Business and Financial Highlights Summary
Liberty Utilities Highlights
Liberty Power Highlights
Corporate Highlights
Adoption of Advance Notice By-Law
APUC also announced the adoption by its Board of Directors of an advance notice by-law that establishes a framework for the advance notice of nominations of directors of APUC by shareholders. Among other things, the advance notice by-law establishes deadlines by which shareholders must notify APUC of nominations of directors prior to a meeting of APUC shareholders and sets forth the information that must be included with such a nomination and the method by which a nomination must be delivered to APUC.
The adoption of the advance notice by-law is effective immediately and will be placed before shareholders for approval and ratification at the annual and special meeting of shareholders scheduled to be held on June 6, 2019. In the event that shareholders determine not to approve and ratify the advance notice by-law by ordinary resolution, the by-law will terminate and be void and of no further force and effect following the termination of such meeting.
For further information, refer to our corporate website at www.algonquinpowerandutilities.com and our corporate filings on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
APUC to Host Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 1, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Earnings Conference Call Details:
Date: | Friday, March 1, 2019 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US | 1-800-319-4610 |
Toronto local | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20190301.html Presentation also available at: www.algonquinpowerandutilities.com | |
Call Replay: | Toll Free Canada/US | 1-855-669-9658 |
Vancouver local | 1-604-674-8052 | |
Access code | 2866 |
APUC's financial statements and management discussion and analysis ("MD&A") are available on our corporate website at www.algonquinpowerandutilities.com and in our corporate filings on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 768,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through ownership of or investments in long-term contracted wind, solar and hydroelectric generating facilities representing over 2 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy, electric transmission, and water infrastructure development projects with a global focus, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "intends", "expects" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include statements with respect to the payment of dividends on the common shares of APUC. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of the date hereof. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms Adjusted Net Earnings, Adjusted Net Earnings per share, Adjusted EBITDA, and Adjusted Funds from Operations are used in this press release. These terms are not recognized measures under GAAP. There is no standardized measure of these measures and consequently APUC's method of calculating these measures may differ from methods used by other companies and may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest U.S. GAAP measure of each measure can be found below and in the MD&A for the quarter and year ended December 31, 2018.
Adjusted Net Earnings and Adjusted Net Earnings Per Share
Adjusted Net Earnings and Adjusted Net Earnings Per Share are non-GAAP measures used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts, changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. For 2017, the one-time impact of the revaluation of U.S. non-regulated net deferred income tax assets as a result of the U.S. federal corporate income tax rate reduction from 35% to 21% enacted in December 2017 is adjusted as it is also considered a nonrecurring item not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests, non-service pension and post-employment costs, cost related to tax equity financing, gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Reconciliation of Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
(all dollar amounts in USD millions) | Three Months Ended Dec 31 | Twelve Months Ended Dec 31 | |||
2018 | 2017 | 2018 | 2017 | ||
Net earnings attributable to shareholders | $44.0 | $47.2 | $185.0 | $149.5 | |
Add (deduct): | |||||
Net earnings attributable to non-controlling interest, exclusive of HLBV | 3.4 | 0.6 | 4.8 | 2.4 | |
Income tax expense | 2.8 | 29.7 | 53.4 | 73.4 | |
Interest expense on convertible debentures and costs related to | — | — | — | 13.4 | |
Interest expense on long-term debt and others | 40.3 | 33.3 | 152.1 | 142.4 | |
Other losses | 2.3 | 3.8 | 2.7 | 0.7 | |
Acquisition-related costs | (8.9) | 1.0 | 0.7 | 47.7 | |
Pension and post-employment non-service costs1 | 1.4 | 2.5 | 3.9 | 9.0 | |
Change in value of investment in Atlantica carried at fair value | 46.0 | — | 138.0 | — | |
Costs related to tax equity financing | 1.3 | 0.4 | 1.3 | 1.8 | |
Loss (gain) on derivative financial instruments | (0.3) | (3.1) | 0.6 | (1.9) | |
Realized (loss) gain on energy derivative contracts | 0.1 | — | 0.1 | (0.6) | |
Loss (gain) on foreign exchange | 0.7 | 1.2 | (0.1) | 0.3 | |
Depreciation and amortization | 63.8 | 69.2 | 260.8 | 251.3 | |
Adjusted EBITDA | $196.9 | $185.8 | $803.3 | $689.4 |
1 | As a result of adoption of ASU 2017-07 certain components of net benefit pension costs are considered non-service costs and are now classified outside of operating income (see Note 2(a) in the annual audited consolidated financial statements). |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings. The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
(all dollar amounts in USD millions, except per share data) | Three Months Ended Dec 31 | Twelve Months Ended Dec 31 | |||
2018 | 2017 | 2018 | 2017 | ||
Net earnings attributable to shareholders | $44.0 | $47.2 | $185.0 | $149.5 | |
Add (deduct): | |||||
Loss (gain) on derivative financial instruments | (0.3) | (3.1) | 0.6 | (1.9) | |
Realized (loss) gain on energy derivative contracts | 0.1 | — | 0.1 | (0.6) | |
Loss (gain) on long-lived assets, net | 1.9 | 1.2 | 0.8 | (1.8) | |
Loss (gain) on foreign exchange | 0.7 | 1.2 | (0.1) | 0.3 | |
Interest expense on convertible debentures and costs related to | — | — | — | 13.4 | |
Acquisition-related costs | (8.9) | 1.0 | 0.7 | 47.7 | |
Change in value of investment in Atlantica carried at fair value | 46.0 | — | 138.0 | — | |
Costs related to tax equity financing | 1.3 | 0.4 | 1.3 | 1.8 | |
Other adjustments | — | 2.5 | — | 2.5 | |
U.S. Tax Reform and related deferred tax adjustments1 | (18.4) | 17.1 | (18.4) | 17.1 | |
Adjustment for taxes related to above | 4.1 | (0.5) | 4.2 | (3.0) | |
Adjusted Net Earnings | $70.5 | $67.0 | $312.2 | $225.0 | |
Adjusted Net Earnings per share2 | $0.14 | $0.16 | $0.66 | $0.57 |
1 | Represents the non-cash accounting charge related to the revaluation of U.S. net deferred income tax assets and liabilities as a result of U.S. Tax Reform. |
2 | Per share amount calculated after preferred share dividends and excluding subscription receipts issued for projects or acquisitions not reflected in earnings. |
Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to funds from operations in accordance with U.S. GAAP. The following table shows the reconciliation of funds from operations to Adjusted Funds from Operations exclusive of these items:
(all dollar amounts in USD millions) | Three Months Ended Dec 31 | Twelve Months Ended Dec 31 | |||
2018 | 2017 | 2018 | 2017 | ||
Cash flows from operating activities | $168.6 | $116.0 | $530.4 | $326.6 | |
Add (deduct): | |||||
Changes in non-cash operating items | (27.3) | 9.1 | 8.1 | 87.7 | |
Production based cash contributions from non-controlling interests | — | — | 13.9 | 7.9 | |
Interest expense on convertible debentures and costs related to | — | — | — | 7.2 | |
Acquisition-related costs | (8.8) | 0.9 | 0.7 | 47.7 | |
Reimbursement of operating expenses incurred on joint venture | — | — | 1.0 | — | |
Adjusted Funds from Operations | $132.5 | $126.0 | $554.1 | $477.1 |
1 | Exclusive of deferred financing fees of $6.2 million. |
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 26, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, AQN.PR.D) (NYSE: AQN) ("APUC" or the "Company") announced today that it does not intend to exercise its right to redeem all or part of the currently outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D (the "Series D Preferred Shares") on April 1, 2019. As a result, subject to certain conditions, the holders of the Series D Preferred Shares have the right to convert all or part of their Series D Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series E (the "Series E Preferred Shares") on April 1, 2019 (the "Conversion Date") in accordance with the terms and conditions of the Series D Preferred Shares described in the prospectus supplement of the Company dated February 25, 2014 to a short form base shelf prospectus of the Company dated February 18, 2014.
Holders of Series D Preferred Shares who do not exercise their right to convert their Series D Preferred Shares into Series E Preferred Shares on the Conversion Date will retain their Series D Preferred Shares.
The dividend rate applicable to the Series D Preferred Shares for the 5-year period from and including March 31, 2019 to but excluding March 31, 2024, and the dividend rate applicable to the Series E Preferred Shares for the 3-month period from and including March 31, 2019 to but excluding June 30, 2019, will be determined and announced by the Company by way of a news release on March 1, 2019.
Beneficial owners of Series D Preferred Shares who wish to exercise their conversion right during the conversion period, which runs from March 1, 2019 until March 15, 2019 at 5:00 p.m. (EST), should communicate as soon as possible with their broker or other nominee for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other nominee time to complete the necessary steps. Any notices received after this deadline will not be valid.
The foregoing conversion rights are subject to the following conditions:
In either case, APUC will give written notice to that effect to the registered holder of Series D Preferred Shares no later than March 22, 2019.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 766,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "expected", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to, the intention to not redeem the Series D Preferred Shares. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Jan. 17, 2019 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release fourth quarter and full year 2018 financial results on Thursday, February 28, 2019, after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 1, 2019, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: | Friday, March 1, 2019 | |
Time: | 10:00 a.m. ET | |
Conference Call Access: | Toll Free Canada/US | 1-800-319-4610 |
Toronto local | 416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: | http://services.choruscall.ca/links/algonquinpower20190301.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: | Toll Free Canada/US | 1-855-669-9658 |
(available until March 15, 2019) | Vancouver local | 1-604-674-8052 |
Access code | 2866 |
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 766,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Dec. 21, 2018 /PRNewswire/ - Further to the press releases of Algonquin Power & Utilities Corp. (TSX/NYSE: AQN, AQN.PR.A) ("APUC" or the "Company") dated November 28, 2018 and December 3, 2018, APUC announced today that none of its outstanding 4,800,000 Cumulative 5-Year Rate Reset Preferred Shares, Series A (the "Series A Preferred Shares") will be converted on December 31, 2018 into Cumulative Floating Rate Preferred Shares, Series B (the "Series B Preferred Shares") of the Company. During the conversion notice period which ran from December 3, 2018 to December 17, 2018, less than 1,000,000 Series A Preferred Shares were tendered for conversion into Series B Preferred Shares. As per the terms and conditions of the Series A Preferred Shares described in the short form prospectus dated November 2, 2012 relating to the issuance of Series A Preferred Shares, since there would remain outstanding on December 31, 2018, after having taken into account all Series A Preferred Shares tendered for conversion into Series B Preferred Shares, less than 1,000,000 Series B Preferred Shares, holders of Series A Preferred Shares who tendered their Series A Preferred Shares for conversion will not be entitled to convert their Series A Preferred Shares into Series B Preferred Shares. As a result, Series B Preferred Shares will not be issued at this time.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 766,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "expected", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Dec. 20, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced that it has closed the previously reported equity offering, pursuant to which it issued and sold 12,536,350 common shares of APUC (the "Shares") to certain institutional investors at a price of C$13.76 per Share, for gross proceeds of approximately C$172.5 million (the "Offering"). The Shares were offered and sold directly to the institutional investors by APUC without an underwriter or placement agent. The proceeds of the Offering are anticipated to be used to partially finance APUC's recently announced acquisition of Enbridge Gas New Brunswick Limited Partnership, and for general corporate purposes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 766,000 connections, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's Common Shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's Common Shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "anticipates" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include the expected use of the net proceeds from the Offering. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and prospectus and prospectus supplement relating to the Offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Dec. 14, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) ("APUC" or the "Company") today announced that it has agreed with certain institutional investors to issue and sell 12,536,350 common shares of APUC (the "Shares") at a price of C$13.76 per share, for gross proceeds of approximately C$172.5 million (the "Offering").
The Shares are being offered and sold directly to the institutional investors by APUC without an underwriter or placement agent and no fees will be payable by APUC in connection with the Offering. The price of the Shares represents approximately 96% of the volume weighted average trading price of APUC common shares on the Toronto Stock Exchange for the five day period ending December 13, 2018. The proceeds of the Offering are anticipated to be used to partially finance APUC's recently announced acquisition of Enbridge Gas New Brunswick Limited Partnership, and for general corporate purposes. The Offering is expected to close on or about December 20, 2018, subject to the satisfaction of customary conditions, including the approval of the Shares for listing on the Toronto Stock Exchange and the New York Stock Exchange.
The Shares are being offered pursuant to the Company's shelf prospectus and registration statement on Form F-10 previously filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S./Canadian multijurisdictional disclosure system. A prospectus supplement related to the Offering will be filed with the Canadian Securities Administrators and the SEC.
This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 766,000 connections, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's Common Shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's Common Shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to statements regarding: the closing of the Offering; the listing of the Common Shares; and the expected use of the net proceeds from the Offering. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and prospectus and prospectus supplement relating to the Offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Dec. 4, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or "the Company") (TSX/NYSE: AQN) announced that it held its ninth annual Analyst and Investor Day event today in Toronto. During the event, APUC provided an overview of its current operations, general business developments, as well as its outlook for future growth.
"It has been a year of tremendous accomplishments as we invested over $1 billion of capital and expanded our capital program for the next five years to $7.5 billion," said Ian Robertson, Chief Executive Officer of APUC. "Our new five year capital program is highly visible and includes a $4.9 billion organic investment program within our regulated utility business. We have also expanded our international development platform through AAGES, and added new renewable energy development projects to our five year capital program. "
Highlights of APUC's 2018 Analyst and Investor Day Events
During the event, senior management from APUC provided updates on the progress made in the areas of operational excellence, expanding its renewable energy opportunity set, and sustainable growth in its utility operations. Specific highlights include:
APUC is hosting an encore presentation of its annual Analyst and Investor Day event in New York City on December 5th, 2018 for the benefit of U.S. investors and analysts. Those wishing to view the presentation materials can do so at www.algonquinpower.com.
All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 766,000 connections, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of applicable securities laws, including information and statements regarding future capital investments and growth strategies, ongoing and potential future acquisitions and their anticipated benefits and APUC's prospective results of operations, growth rate, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
Transaction Advances North American Utility Distribution Business Growth Strategy
Highlights:
OAKVILLE, ON, Dec. 4, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or "the Company") (TSX/NYSE: AQN) today announced that its subsidiary Liberty Utilities (Canada) LP ("Liberty Utilities") has entered into an agreement to purchase Enbridge Gas New Brunswick Limited Partnership ("New Brunswick Gas"), a subsidiary of Enbridge Inc. (TSX: ENB), along with its general partner for C$331 million, subject to certain customary adjustments (the "Transaction"). New Brunswick Gas is a regulated utility that provides natural gas to approximately 12,000 customers in 12 communities across New Brunswick, and operates approximately 800 km of natural gas distribution pipeline.
"The acquisition of New Brunswick Gas builds on the growth strategy for Liberty Utilities' East Region through the addition of a new, high-quality utility while being immediately accretive to APUC's earnings," said Ian Robertson, Chief Executive Officer of APUC. "As a proudly Canadian company, we see New Brunswick Gas as an ideal opportunity to expand the distribution footprint into Canada, where we see tremendous potential to invest in growing the customer base. We look forward to welcoming the New Brunswick Gas team to the APUC family, and are committed to supporting the dedicated teams as they continue to deliver the same great services across the province."
Transaction Highlights
Financing expected to be consistent with APUC'S investment grade capital structure - The financing plan for the Transaction is expected to be consistent with APUC's current credit profile and strong investment grade credit ratings. Closing of the Transaction is expected to occur within the first half of 2019 and remains subject to customary closing conditions, including the receipt of regulatory and government approvals.
Continuing Commitment to Communities, Customers and Employees – The Transaction is not expected to affect New Brunswick Gas customers or the rates paid for service. APUC intends to maintain local employment and the existing local operating and management structure. Liberty Utilities plans to establish the "Fuel for the Future" fund which, subject to conditions to be announced, could offer rebates of up to 100 percent of the cost of converting new customers in order to take advantage of the economic, clean and convenient natural gas in New Brunswick. Liberty Utilities plans to work closely with New Brunswick Gas towards a successful and seamless transition, under which customers will continue to receive the same uninterrupted, safe and reliable service to which they have been accustomed.
Algonquin Power & Utilities Corp. to Host Analyst and Investor Day Events
On December 4th and December 5th, APUC will be hosting its annual Analyst and Investor Day events in Toronto and New York, respectively. During these events, management plans to provide further information on its current operations, business developments and outlook for future growth and recent capital investments. Institutional investors and research analysts interested in attending may contact APUC's Investor Relations team at investorrelations@apucorp.com for further information.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately US$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 766,000 connections, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding the completion of the proposed Transaction, the anticipated benefits of the proposed Transaction and APUC's prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, Dec. 3, 2018 /PRNewswire/ - Further to the news release of Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") dated November 28, 2018, APUC announced today the applicable dividend rates for its Cumulative 5-Year Rate Reset Preferred Shares, Series A (the "Series A Preferred Shares") and Cumulative Floating Rate Preferred Shares, Series B (the "Series B Preferred Shares").
With respect to any Series A Preferred Shares that remain outstanding after December 31, 2018, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Company (the "Board"). The dividend rate for the 5-year period from and including December 31, 2018 to but excluding December 31, 2023 will be 5.162%, being equal to the 5-year Government of Canada bond yield determined as of today plus 2.94%, in accordance with the terms of the Series A Preferred Shares.
With respect to any Series B Preferred Shares that may be issued on December 31, 2018, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board. The dividend rate for the 3-month floating rate period from and including December 31, 2018 to but excluding March 31, 2019 will be 4.653%, being equal to the 3-month Government of Canada Treasury Bill yield determined as of today plus 2.94%, calculated on the basis of the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series B Preferred Shares.
Beneficial owners of Series A Preferred Shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of the Series A Preferred Shares can meet the deadline to exercise such conversion right, which is 5:00 p.m. (EST) on December 17, 2018.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately US$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 760,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "expected", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to, the declaration of quarterly dividends. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 28, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN, AQN.PR.A) ("APUC" or the "Company") announced today that it does not intend to exercise its right to redeem all or part of the currently outstanding 4,800,000 Cumulative 5-Year Rate Reset Preferred Shares, Series A (the "Series A Preferred Shares") on December 31, 2018. As a result, subject to certain conditions, the holders of the Series A Preferred Shares have the right to convert all or part of their Series A Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series B (the "Series B Preferred Shares") on December 31, 2018 (the "Conversion Date") in accordance with the terms and conditions of the Series A Preferred Shares described in the short form prospectus of the Company dated November 2, 2012.
Holders of Series A Preferred Shares who do not exercise their right to convert their Series A Preferred Shares into Series B Preferred Shares on the Conversion Date will retain their Series A Preferred Shares.
The dividend rate applicable to the Series A Preferred Shares for the 5-year period from December 31, 2018 to but excluding December 31, 2023, and the dividend rate applicable to the Series B Preferred Shares for the 3-month period from December 31, 2018 to but excluding March 31, 2019, will be determined and announced by the Company by way of a news release on December 3, 2018.
Beneficial owners of Series A Preferred Shares who wish to exercise their conversion right during the conversion period, which runs from December 3, 2018 until December 17, 2018 at 5:00 p.m. (EST), should communicate as soon as possible with their broker or other nominee for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other nominee time to complete the necessary steps. Any notices received after this deadline will not be valid.
The foregoing conversion rights are subject to the conditions that: (i) if APUC determines that there would remain outstanding on the Conversion Date fewer than 1,000,000 Series B Preferred Shares, after having taken into account all Series A Preferred Shares tendered for conversion into Series B Preferred Shares, then holders of Series A Preferred Shares will not be entitled to convert their Series A Preferred Shares into Series B Preferred Shares, and (ii) alternatively, if APUC determines that there would remain outstanding on the Conversion Date fewer than 1,000,000 Series A Preferred Shares, after having taken into account all Series A Preferred Shares tendered for conversion into Series B Preferred Shares, then all remaining Series A Preferred Shares will automatically be converted into Series B Preferred Shares without the consent of the holders of Series A Preferred Shares, on a one-for-one basis, on the Conversion Date.
In either case, APUC will give written notice to that effect to the registered holder of Series A Preferred Shares no later than December 24, 2018.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 760,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). The words "expected", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to, the intention to not redeem the Series A Preferred Shares. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis and most recent annual information form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 27, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that it has completed the previously announced purchase of an additional stake in Atlantica Yield plc (NASDAQ: AY) ("Atlantica") from Abengoa S.A., for a purchase price of approximately U.S.$345 million. The purchase price is comprised of approximately U.S.$305 million paid on closing, with up to U.S.$40 million payable at a later date contingent on satisfaction of certain conditions. The purchase of the additional stake of 16.503 million shares brings APUC's total interest in Atlantica to approximately 41.5% of the shares outstanding and entitles a subsidiary of APUC to receive Atlantica's upcoming quarterly dividend of U.S.$0.36 per share, payable on December 14, 2018.
Atlantica owns and operates a diverse, long-term contracted portfolio of 22 infrastructure assets including over 1.7 GW of clean power generating capacity, 1,099 miles of electric transmission lines, and two desalination plants, located in North America, South America and other selected global markets. Atlantica's portfolio is complementary to APUC's existing operations, and APUC's commitment to international expansion is expected to strengthen Atlantica's prospects through the addition of new assets, thereby accelerating the growth of its cash available for distribution.
"We are pleased to have completed this transaction as an element of our international expansion strategy," said Ian Robertson, Chief Executive Officer of APUC. "This incremental investment in Atlantica deepens our interest in an attractively-priced portfolio of high quality, international operating assets, one which is accretive to APUC's earnings."
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately U.S.$9 billion of total assets. Through two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 760,000 connections in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. With a team of over 2,300 talented employees, APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares and Series A subordinated notes are also listed on the New York Stock Exchange under the symbols AQN and AQNA.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Forward-Looking Statements
Certain statements included in this news release contain information that is forward-looking within the meaning of certain applicable securities laws, including information and statements regarding expected benefits from the transactions. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors that could cause actual results to differ include those set out in APUC's most recent Annual Information Form filed with Canadian securities regulators and with the United States Securities and Exchange Commission as an exhibit to APUC's annual report on Form 40-F, and those set out in APUC's most recent management discussion and analysis. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Oct. 17, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced that in connection with its previously announced underwritten public offering (the "Offering") of 6.875% fixed-to-floating subordinated notes due October 17, 2078 (the "Notes"), the over-allotment option (the "Over-Allotment Option") granted to the Underwriters (as defined below) to purchase up to an additional US$37.5 million aggregate principal amount of Notes (the "Option Notes") has been exercised in full. As a result of the Underwriters' exercise of the Over-Allotment Option in full, the aggregate gross proceeds of the Offering were US$287.5 million, before deducting underwriting discounts and commissions and offering expenses. The Offering, including the sale of the Option Notes, closed on October 17, 2018. APUC intends to use all of the net proceeds from the Offering to repay outstanding indebtedness. APUC's application to list the Notes on the New York Stock Exchange has been approved.
The joint book-running managers for the Offering were BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Wells Fargo Securities and RBC Capital Markets and the co-managers for the Offering were BMO Capital Markets and CIBC Capital Markets (collectively, the "Underwriters").
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with approximately US$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 760,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its ownership of, or interest in, long term contracted wind, solar and hydroelectric generating facilities representing approximately 1.7 GW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "expected", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements contained in this news release include, but are not limited to, the expected use of the net proceeds from the Offering. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent annual and interim management's discussion and analysis, most recent annual information form and prospectus and prospectus supplement relating to the offering. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 9, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced financial results for the second quarter ended June 30, 2018. All amounts are shown in United States dollars ("U.S.$" or "$") unless otherwise noted.
"We are pleased to report strong second quarter results with solid year over year increases in both cash flow and earnings per share," said Ian Robertson, CEO of APUC. "In terms of creating additional value for shareholders, we made significant progress against our 5 year growth plan with the commissioning of our 75 MW Amherst Island wind project and the issuance of a regulatory order in Missouri supporting investment in 600 MW of new wind power pursuant to our "Greening the Fleet" initiative."
Q2 2018 Financial Highlights
Key Financial Information
All amounts in U.S.$ millions except per share information |
Quarter ended June 30 |
Six months ended June 30 | |||||
2018 |
2017 |
Change |
2018 |
2017 |
Change | ||
Revenue |
$366.2 |
$337.1 |
9% |
$861.1 |
$758.8 |
13% | |
Net earnings attributable to shareholders |
$65.5 |
$35.3 |
86% |
$83.1 |
$54.6 |
52% | |
Per share |
$0.14 |
$0.09 |
56% |
$0.18 |
$0.14 |
29% | |
Cash provided by operating activities |
$133.3 |
$54.8 |
143% |
$230.3 |
$110.3 |
109% | |
Adjusted Net Earnings1 |
$50.9 |
$39.5 |
29% |
$191.9 |
$106.0 |
81% | |
Per share |
$0.11 |
$0.09 |
22% |
$0.42 |
$0.28 |
50% | |
Adjusted EBITDA1 |
$160.3 |
$147.1 |
9% |
$439.5 |
$339.4 |
29% | |
Adjusted Funds from Operations1 |
$113.9 |
$90.1 |
26% |
$293.8 |
$246.8 |
19% | |
Dividends per share |
$0.1282 |
$0.1165 |
10% |
$0.2447 |
$0.2330 |
5% |
1. |
Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
Q2 2018 APUC Corporate Highlights
Q2 2018 Liberty Power Group Highlights
Q2 2018 Liberty Utilities Group Highlights
Presentation of Annual Financial Statements and MD&A in United States Dollars
Effective the first quarter of 2018, APUC changed its presentation currency to United States Dollars (U.S.$). In order to provide for consistency in presentation as between APUC`s current interim and its current annual financial statements, concurrently with the filing of APUC`s interim financial statements and interim management discussion and analysis ("MD&A") for the second quarter ended June 30, 2018, APUC has re-filed its annual audited financial statements and its MD&A for the year ended December 31, 2017, in U.S. dollars.
APUC's financial statements and MD&A are available on its web site at www.AlgonquinPowerandUtilities.com and under its issuer profile on SEDAR at www.sedar.com.
APUC will hold an earnings conference call at 10:00 a.m. Eastern Time on Friday, August 10, 2018, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: |
Friday, August 10, 2018 | |
Time: |
10:00 a.m. ET | |
Conference Call Access: |
Toll Free Canada/US: |
1-800-319-4610 |
Toronto local: |
416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: |
http://services.choruscall.ca/links/algonquinpower20180810.html | |
Presentation also available at: www.algonquinpowerandutilities.com | ||
Call Replay: |
Toll Free Canada/US: |
1-855-669-9658 |
Vancouver local: |
1-604-674-8052 | |
Access code: |
2425 |
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release may contain information that is forward-looking within the meaning of applicable securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. Specific forward-looking information in this document includes, but is not limited to: the expected completion and timeline for completion of the purchase of additional 16.5% equity interest in Atlantica; expectations with respect to the timing of APUC's growth plans, earnings, cash flow and dividend amounts; and expectations with respect to regulatory orders relating to Liberty Empire wind energy generation projects. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent MD&A and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms Adjusted Net Earnings, Adjusted EBITDA, and Adjusted Funds from Operations are used in this press release. The terms Adjusted Net Earnings, Adjusted EBITDA, and Adjusted Funds from Operations are not recognized measures under GAAP. There is no standardized measure of Adjusted Net Earnings, Adjusted EBITDA, and Adjusted Funds from Operations and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest U.S. GAAP measure of Adjusted Net Earnings, Adjusted EBITDA, and Adjusted Funds from Operations can be found in the MD&A for the quarter ended June 30, 2018
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts, changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. For 2017, the one-time impact of the revaluation of U.S. non-regulated net deferred income tax assets as a result of the U.S. federal corporate income tax rate reduction from 35% to 21% enacted in December 2017 is adjusted as it is also considered a nonrecurring item not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
NON-GAAP FINANCIAL MEASURES
Reconciliation of Adjusted EBITDA to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted EBITDA and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
(all dollar amounts in $ millions) |
Three Months Ended June 30 |
Six Months Ended June 30 | |||
2018 |
2017 |
2018 |
2017 | ||
Net earnings attributable to shareholders |
$65.5 |
$35.3 |
$83.1 |
$54.6 | |
Add (deduct): |
|||||
Net earnings attributable to the non-controlling interest, exclusive of HLBV |
0.4 |
0.5 |
1.1 |
1.3 | |
Income tax expense |
6.8 |
17.6 |
39.9 |
32.0 | |
Interest expense on convertible debentures and costs related to acquisition financing |
— |
— |
— |
13.4 | |
Interest expense on long-term debt and others |
38.4 |
37.2 |
73.9 |
72.7 | |
Other gains |
(0.4) |
(3.7) |
(1.6) |
(3.7) | |
Acquisition-related costs |
1.0 |
0.1 |
8.6 |
45.9 | |
Change in value of investment in Atlantica carried at fair value |
(15.0) |
— |
102.0 |
— | |
Costs related to tax equity financing |
— |
0.4 |
— |
0.4 | |
Loss on derivative financial instruments |
0.1 |
— |
0.2 |
1.2 | |
Realized gain (loss) on energy derivative contracts |
— |
— |
— |
(0.6) | |
Gain on foreign exchange |
(1.3) |
(3.0) |
(1.1) |
(3.0) | |
Depreciation and amortization |
64.8 |
62.7 |
133.4 |
125.2 | |
Adjusted EBITDA |
$160.3 |
$147.1 |
$439.5 |
$339.4 |
Reconciliation of Adjusted Net Earnings to Net Earnings
The following table is derived from and should be read in conjunction with the consolidated statement of operations. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Net Earnings and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to U.S. GAAP consolidated net earnings.
The following table shows the reconciliation of net earnings to Adjusted Net Earnings exclusive of these items:
(all dollar amounts in $ millions) |
Three Months Ended June 30 |
Six Months Ended June 30 | |||
2018 |
2017 |
2018 |
2017 | ||
Net earnings attributable to shareholders |
$65.5 |
$35.3 |
$83.1 |
$54.6 | |
Add (deduct): |
|||||
Loss on derivative financial instruments |
0.1 |
— |
0.2 |
1.2 | |
Realized gain on derivative financial instruments |
— |
— |
— |
(0.6) | |
Other gains |
(0.2) |
(3.6) |
(1.4) |
(3.6) | |
Gain on foreign exchange |
(1.3) |
(3.0) |
(1.1) |
(3.0) | |
Interest expense on Conv. Debentures & acquisition financing costs |
— |
— |
— |
13.4 | |
Acquisition-related costs |
1.0 |
0.1 |
8.6 |
45.9 | |
Change in value of investment in Atlantica carried at fair value |
(15.0) |
— |
102.0 |
— | |
Costs related to tax equity financing |
— |
0.4 |
— |
0.4 | |
Adjustment for taxes related to above |
0.8 |
10.3 |
0.5 |
(2.3) | |
Adjusted Net Earnings |
$50.9 |
$39.5 |
$191.9 |
$106.0 | |
Adjusted Net Earnings per share1 |
$0.11 |
$0.09 |
$0.42 |
$0.28 |
1 |
Per share amount calculated after preferred share dividends. |
Reconciliation of Adjusted Funds from Operations to Cash Flows from Operating Activities
The following table is derived from and should be read in conjunction with the consolidated statement of operations and consolidated statement of cash flows. This supplementary disclosure is intended to more fully explain disclosures related to Adjusted Funds from Operations and provides additional information related to the operating performance of APUC. Investors are cautioned that this measure should not be construed as an alternative to funds from operations in accordance with U.S. GAAP.
The following table shows the reconciliation of funds from operations to Adjusted Funds from Operations exclusive of these items:
(all dollar amounts in $ millions) |
Three Months Ended June 30 |
Six Months Ended June 30 | ||||
2018 |
2017 |
2018 |
2017 | |||
Cash flows from operating activities |
$133.3 |
$54.8 |
$230.3 |
$110.3 | ||
Add (deduct): |
||||||
Changes in non-cash operating items |
(23.0) |
34.1 |
40.0 |
75.5 | ||
Production based cash contributions from non-controlling interests |
2.6 |
1.1 |
13.9 |
7.9 | ||
Interest expense on Conv. Debs. & acquisition financing costs1 |
— |
— |
— |
7.2 | ||
Acquisition-related costs |
1.0 |
0.1 |
8.6 |
45.9 | ||
Reimbursement of operating expenses incurred on joint venture |
— |
— |
1.0 |
— | ||
Adjusted Funds from Operations |
$113.9 |
$90.1 |
$293.8 |
$246.8 |
1 |
Exclusive of deferred financing fees of $6.2 million in 2017. |
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-2018-second-quarter-and-year-to-date-financial-results-300695251.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 9, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-declares-third-quarter-2018-preferred-share-dividends-300695197.html
SOURCE Algonquin Power & Utilities Corp.
Third Quarter 2018 Common Share Dividend of U.S. $0.1282 (C$0.1673)
OAKVILLE, ON, Aug. 9, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the Board of Directors has declared a dividend of U.S.$0.1282 per share on its common shares, payable on October 12, 2018, to the shareholders of record on September 28, 2018, for the period from July 1, 2018 to September 30, 2018. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.1673.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, July 5, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release 2018 second quarter financial results on Thursday, August 9, 2018, after market close. APUC will host an earnings conference call at 10:00 a.m. eastern time on Friday, August 10, 2018, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: |
Friday, August 10, 2018 | |
Time: |
10:00 a.m. ET | |
Conference Call Access: |
Toll Free Canada/US |
1-800-319-4610 |
Toronto local |
416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: |
http://services.choruscall.ca/links/algonquinpower20180810.html
Presentation also available at: www.algonquinpowerandutilities.com | |
Call Replay: (available until August 24) |
Toll Free Canada/US |
1-855-669-9658 |
Vancouver local |
1-604-674-8052 | |
Access code |
2425 |
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-dates-for-2018-second-quarter-financial-results-and-conference-call-300676749.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, June 7, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN) (NYSE: AQN) today announced that at the Company's annual meeting of shareholders held on June 7, 2018, all of the nominees listed in its management information circular dated May 1, 2018 (the "Circular") were elected as directors of APUC to hold office until the end of the next annual meeting of shareholders or until his or her successor is duly elected or appointed.
On a vote by ballot, each of the following nine nominees proposed by management was elected as a director of APUC. The detailed voting results for the election of directors are set out below:
Christopher Ball |
229,826,507 |
99.38% |
1,436,253 |
0.62% |
Melissa Stapleton Barnes |
230,686,265 |
99.75% |
576,495 |
0.25% |
Christopher Jarratt |
187,908,825 |
81.25% |
43,353,935 |
18.75% |
D. Randy Laney |
230,830,866 |
99.81% |
431,894 |
0.19% |
Kenneth Moore |
230,709,458 |
99.76% |
553,302 |
0.24% |
Ian Robertson |
230,746,266 |
99.78% |
516,494 |
0.22% |
Masheed Saidi |
230,620,527 |
99.72% |
642,233 |
0.28% |
Dilek Samil |
230,752,060 |
99.78% |
510,700 |
0.22% |
George Steeves |
230,696,052 |
99.75% |
566,708 |
0.25% |
Shareholders also voted in favour of an advisory resolution on the Company's approach to executive compensation, and the re-appointment of Ernst & Young LLP as the Company's auditor for the upcoming year, both as disclosed in the Circular.
Final voting results on all matters voted on at the annual meeting of shareholders will be filed with Canadian and U.S. securities regulatory authorities at www.sedar.com and www.sec.gov/edgar.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 10, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the Board of Directors of APUC approved a dividend increase of U.S.$0.0468 annually per common share to a total dividend of U.S.$0.5128 per common share, paid quarterly at a rate of U.S.$0.1282 per common share.
APUC also announced today that the Board has declared a dividend of U.S.$0.1282 per share on its common shares, payable on July 13, 2018 to the shareholders of record on June 29, 2018 for the period from April 1, 2018 to June 30, 2018. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of C$0.1648.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at algonquinpower.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 10, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S. $9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 10, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX/NYSE: AQN) ("APUC" or the "Company") today announced financial results for the first quarter ended March 31, 2018. Effective the first quarter of 2018, APUC's interim and annual consolidated financial statements are being reported in United States dollars ("USD" or "U.S.$"), unless otherwise noted.
"The first quarter of 2018 marked the completion of transactions that serve as the foundation of our international growth strategy, with the successful formation of the AAGES Joint Venture and an expanded interest in Atlantica," said Ian Robertson, Chief Executive Officer of APUC. "We also made important progress in our commitment to sustainability and reducing customer costs through the transformation of Liberty Utilities' generating fleet toward more wind capacity. We remain highly focused on execution of our growth plan, which we believe supports growth in earnings and cash flows and the delivery of long-term value to our shareholders."
Q1 2018 Financial Highlights
Dividend Increase – On May 10, 2018, APUC's Board of Directors approved a 10% dividend increase from a total annual dividend of U.S. $0.4660 to a total annual dividend of U.S. $0.5128, to be paid quarterly at a rate of U.S. $0.1282 per common share, up from U.S. $0.1165 per common share. Management believes that the dividend increase is consistent with APUC's stated strategy of delivering total shareholder return comprised of an attractive current dividend yield and capital appreciation.
Key Financial Information
All dollar amounts in U.S.$ millions except per |
Q1 2018 |
Q1 2017 |
Variance |
Revenue |
494.8 |
421.7 |
17% |
Net earnings attributable to shareholders |
17.6 |
19.3 |
(9)% |
Per share |
0.04 |
0.05 |
(20)% |
Adjusted net earnings1 |
141.0 |
66.5 |
112% |
Per share |
0.32 |
0.19 |
68% |
Adjusted EBITDA1 |
279.2 |
192.3 |
45% |
Adjusted Funds from Operations1 |
179.9 |
156.7 |
15% |
Dividend per share |
0.1165 |
0.1165 |
n/c |
1 |
Please refer to Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures at the end of this document for further details. |
APUC Business Highlights
Liberty Power Group Highlights
Liberty Utilities Group Highlights
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com.
Earnings Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 11, 2018, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Date: |
Friday, May 11, 2018 | |
Time: |
10:00 a.m. ET | |
Conference Call Access: |
Toll Free Canada/US: |
1-800-319-4610 |
Toronto local: |
416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: |
http://services.choruscall.ca/links/algonquinpower20180511.html Presentation also available at: www.algonquinpowerandutilities.com | |
Call Replay: (available until May 25) |
Toll Free Canada/US: |
1-855-669-9658 |
Vancouver local: |
1-604-674-8052 | |
Access code: |
2150 |
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with U.S.$9 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,600 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release may contain information that is forward-looking within the meaning of applicable securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. Specific forward-looking information in this document includes, but is not limited to: the expected completion and timeline for completion of the purchase of additional 16.5% equity interest in Atlantica; expectations with respect to the timing of APUC's growth plans, earnings, cash flow and dividend amounts; and expectations with respect to regulatory orders relating to Liberty Empire wind energy generation projects. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's most recent Management Discussion and Analysis and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest U.S. GAAP measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Management's Discussion & Analysis for the quarter ended March 31, 2018.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations, changes in value of investments carried at fair value, and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, one-time costs of arranging tax equity financing, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations, unrealized mark-to-market revaluation impacts, changes in value of investments carried at fair value, and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. For 2017, the one-time impact of the revaluation of U.S. non-regulated net deferred income tax assets as a result of the U.S. federal corporate income tax rate reduction from 35% to 21% enacted in December 2017 is adjusted as it is also considered a nonrecurring item not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Net Earnings is not intended to be representative of net earnings or loss determined in accordance with U.S. GAAP, and can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. Adjusted Funds from Operations is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP, and can be impacted positively or negatively by these items.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-2018-first-quarter-financial-results-300646774.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, April 24, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that it has closed the previously reported equity offering pursuant to which it issued and sold approximately 37.5 million common shares of APUC (the "Shares") at a price of $11.85 per share to certain institutional investors, for gross proceeds of approximately $445 million (the "Offering"). The Shares were offered and sold directly to the institutional investors by APUC without an underwriter or placement agent.
The proceeds of the Offering are expected to be used, in the short term, to pay down existing indebtedness, and subsequently, in part, to finance the closing of APUC's recently announced acquisition of an additional approximately 16.5% equity interest in Atlantica Yield plc ("Atlantica") (NASDAQ:AY), from an entity related to Seville-based Abengoa S.A. ("Abengoa") (MCE:ABG). The additional acquisition is expected to close in the second or third quarter of 2018, subject to certain governmental approvals and other closing conditions. No shareholder approvals are required.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,500 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release may contain statements that constitute "forward-looking information" within the meaning of all applicable securities laws, including information and statements regarding the expected timing for completion of the transaction to purchase a 16.5% equity interest in Atlantica. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-closing-of-equity-financing-300635488.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, April 23, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced plans to release 2018 first quarter financial results on Thursday, May 10, 2018, after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 11, 2018, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: |
Friday, May 11, 2018 | |
Time: |
10:00 a.m. ET | |
Conference Call Access: |
Toll Free Canada/US: |
1-800-319-4610 |
Toronto local: |
416-915-3239 | |
Please ask to join the Algonquin Power & Utilities Corp. conference call | ||
Presentation Access: |
http://services.choruscall.ca/links/algonquinpower20180511.html Presentation also available at: www.algonquinpowerandutilities.com | |
Call Replay: (available until May 25) |
Toll Free Canada/US: |
1-855-669-9658 |
Vancouver local: |
1-604-674-8052 | |
Access code: |
2150 |
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,500 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.
View original content:http://www.prnewswire.com/news-releases/algonquin-power--utilities-corp-announces-dates-for-2018-first-quarter-financial-results-and-conference-call-300634749.html
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, April 17, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) today announced that it has entered into an agreement with an entity related to Seville-based Abengoa S.A. ("Abengoa") (MCE:ABG) to purchase an additional 16.5% equity interest in Atlantica Yield plc ("Atlantica") (NASDAQ: AY) for a total purchase price of approximately US$345 million, based on a price of US$20.90 per share. APUC previously acquired and currently holds an indirect 25% equity interest in Atlantica.
The additional acquisition is expected to close in the second or third quarter of 2018, subject to certain governmental approvals and other closing conditions. No shareholder approvals are required.
Concurrent with the commitment to acquire the additional interest in Atlantica, APUC has agreed with certain institutional investors to issue and sell approximately 37.5 million common shares of APUC (the "Shares") at a price of C$11.85 per share, for gross proceeds of approximately C$445 million (the "Offering").
The Shares are being offered and sold directly to the institutional investors by APUC without an underwriter or placement agent and no fees will be payable by APUC in such respect. The proceeds of the Offering are anticipated to be utilized for purchase of the additional 16.5% interest in Atlantica, as well as for general corporate purposes. The Offering is expected to close on or about April 24, 2018, subject to the satisfaction of customary conditions, including the approval of the Shares for listing on the Toronto Stock Exchange and the New York Stock Exchange.
The Shares are being offered pursuant to the Corporation's shelf prospectus and registration statement on Form F-10 previously filed with the U.S. Securities and Exchange Commission (the "SEC") under the U.S./Canadian multijurisdictional disclosure system. A prospectus supplement related to the Offering will be filed with the Canadian Securities Administrators and the SEC.
"This equity issuance supports APUC's measured international expansion strategy through an accretive incremental investment in Atlantica and largely addresses the common equity required for our 2018 capital investment plan," said Mr. Ian Robertson, Chief Executive Officer of APUC. "In addition to facilitating greater exposure to the attractive portfolio of Atlantica assets, we believe our equity issuance to an investor group led by one of the largest utility investors in the world represents a strong vote of confidence in APUC'S long-term strategy and growth prospects."
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,500 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.algonquinpower.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release may contain statements that constitute "forward-looking information" within the meaning of all applicable securities laws, including information and statements regarding the expected timing for completion of the transaction to purchase a 16.5% equity interest in Atlantica. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 9, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that it has completed the previously announced formation of a joint venture ("AAGES") with Seville, Spain-based Abengoa S.A. (MCE: ABG) ("Abengoa") that will be focused on the development and construction of global clean energy and water infrastructure assets. The AAGES joint venture offers a balanced approach for APUC's strategic entry into important global markets, capitalizing on Abengoa's broad international presence and expertise.
APUC also announced today that it has completed the previously announced purchase of a 25% equity interest in Atlantica Yield plc (NASDAQ: AY) ("Atlantica") from Abengoa for a total purchase price of approximately U.S. $608 million, based on a price of U.S. $24.25 per ordinary share of Atlantica, plus a contingent payment of up to U.S. $0.60 per share, payable two years after closing, subject to certain conditions. The 25% equity interest represents approximately 25 million shares and entitles a subsidiary of APUC to receive Atlantica's dividend of U.S. $0.31 per share, to be paid on or about March 27, 2018.
Atlantica owns and operates a diverse, long-term contracted portfolio of 22 facilities representing 1.7 GW of clean power generating capacity, 1,770 kilometers of electric transmission lines, and two desalination plants in selected global markets including North America, South America and EMEA. Atlantica's portfolio is complementary to APUC's existing operations, and APUC's commitment to Atlantica is expected to strengthen Atlantica's prospects through the addition of new assets, thereby accelerating the growth of its cash available for distribution. The projects expected to be undertaken by AAGES under a new right of first offer agreement in favor of Atlantica represent an important source of future growth for Atlantica.
"The completion of these transactions is a significant milestone for the organization, establishing APUC as a key player in global clean energy and water infrastructure development," said Ian Robertson, Chief Executive Officer of APUC. "We are pleased to be partners with Abengoa in AAGES, which provides APUC with a strong and risk-balanced entry into new international markets with a long-standing and experienced partner. As well, through Atlantica, APUC benefits from having an experienced international operator for new projects developed by AAGES as well as an interest in an attractively-priced portfolio of high quality, international operating assets that is accretive to APUC's earnings and cash flow per share."
Raymond James Ltd. acted as exclusive advisor to APUC in relation to the transaction.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. APUC's common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Forward-Looking Statements
Certain statements included in this news release contain information that is forward-looking within the meaning of certain applicable securities laws, including information and statements regarding expected benefits from the transactions. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors that could cause actual results to differ include those set out under the heading "Enterprise Risk Factors" in APUC's Annual Information Form filed with Canadian securities regulators and with the United States Securities and Exchange Commission as an exhibit to APUC's annual report on Form 40-F. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
Financial Highlights (Unaudited)
Business Highlights
OAKVILLE, ON, March 1, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") today announced unaudited financial results for the fourth quarter and year ended December 31, 2017. APUC's unaudited financial information and supplementary management commentary are available at www.algonquinpowerandutilities.com/ and posted on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in Canadian dollars unless otherwise noted and all information contained in this news release is unaudited.
Financial Review
In millions of Canadian dollars or on a per (Unaudited) |
Quarterly |
Annual | |||||||
Quarter ended Dec. 31, 2017 |
Year ended Dec. 31, 2017 | ||||||||
2017 |
2016 |
Variance |
2017 |
2016 |
Variance | ||||
Revenue |
523.4 |
310.2 |
69% |
1,977.8 |
1,096.0 |
80% | |||
Net earnings attributable to shareholders |
60.0 |
46.3 |
30% |
193.1 |
130.9 |
48% | |||
Per share |
0.14 |
0.16 |
(13)% |
0.48 |
0.44 |
9% | |||
Adjusted net earnings1 |
85.9 |
51.4 |
67% |
292.1 |
161.6 |
81% | |||
Per share |
0.20 |
0.18 |
11% |
0.74 |
0.57 |
30% | |||
Adjusted EBITDA1 |
233.4 |
138.3 |
69% |
883.4 |
476.9 |
85% | |||
Adjusted Funds from Operations1 |
159.1 |
96.4 |
65% |
614.5 |
356.4 |
72% | |||
Dividend per share |
0.15 |
0.14 |
7% |
0.61 |
0.55 |
11% |
Fourth Quarter Corporate Highlights
Fourth Quarter and Year End Growth Highlights
Fourth Quarter 2017:
Full Year 2017:
"We are pleased to report that 2017 was a year of unprecedented growth and record financial results across the organization, reflecting a full year of contributions from the Empire acquisition as well as new renewable generation facilities totaling 210 MW of capacity," commented Ian Robertson, Chief Executive Officer of APUC. "As we move into 2018, we are excited about the prospects for AAGES, our new international renewable energy and infrastructure development joint venture, and look forward to executing on our five year $7.7 billion growth plan that will continue to drive growth in earnings and cash flows to support a growing dividend for our shareholders."
Earnings Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 2, 2018, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference Call Date: Friday, March 2, 2018
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20180302.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 2031 from Friday, March 2, 2018 until Friday, March 16, 2018.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 760,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,200 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. Specific forward-looking information in this document includes, but is not limited to: the expected completion and timeline for completion of the Atlantica transaction; expectations and plans, including potential investment amounts, with respect to the Granite Bridge project; expectations, including projected cost savings, with respect to the Asbury Coal Power Plant; expectations with respect to electricity generation by APUC's facilities; the expected closing timing and amount of indebtedness to be assumed in relation to the St. Lawrence Gas Company, Inc. transaction; expectations with respect to pending rate case filings; and expectations with respect to APUC's growth plans, earnings, cash flow and dividend amounts. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest GAAP measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Supplementary Financial Information (unaudited) for the quarter ended December 31, 2017.
Adjusted EBITDA
EBITDA is a non-GAAP measure calculated by APUC as cash provided by operating activities without giving effect to (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure calculated by APUC as net earnings from operations without giving effect to (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP calculated by APUC as cash flows from operating activities without giving effect to (as applicable) changes in working capital balances, acquisition expenses, litigation expenses, cash provided or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 1, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 1, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared a dividend of U.S. $0.1165 per share on its common shares, payable on April 13, 2018 to the shareholders of record on March 29, 2018 for the period from January 1, 2018 to March 31, 2018. Shareholders receiving dividends in cash can elect to receive the dividend in Canadian dollars in the amount of Cdn $0.1492.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 1, 2018 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) today announced plans to release 2017 fourth quarter and year-end financial results on Thursday, March 1, 2018 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 2, 2018, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, March 2, 2018
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Local: 416-915-3239
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20180302.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 2031, from March 2, 2018 until March 16, 2018. The webcast presentation will remain accessible via the URL above or APUC's website at www.AlgonquinPowerandUtilities.com.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 14, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 14, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared a dividend of U.S. $0.1165 per share on its common shares, payable on January 12, 2018 to the shareholders of record on December 29, 2017 for the period from October 1, 2017 to December 31, 2017. Shareholders can elect to receive the dividend in the amount of Cdn $0.1478.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the fourth quarter of 2017.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting AST Trust Company (Canada) at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 14, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") today announced financial results for the third quarter ended September 30, 2017.
Financial Highlights
APUC recorded strong third quarter financial results compared to the same period last year, primarily as a result of accretion from the acquisition of The Empire District Electric Company ("Empire"), the addition of new generating stations, and higher production from U.S. wind facilities. Summary results for the quarter are as follows:
In millions of Canadian dollars or on a per share |
Quarter ended September 30 |
Nine months ended September 30 | |||||
basis unless otherwise noted (unaudited) |
2017 |
2016 |
Change |
2017 |
2016 |
Change | |
Revenue |
$443.3 |
$221.3 |
100% |
$1,454.5 |
$785.8 |
85% | |
Net earnings attributable to shareholders |
$59.4 |
$17.7 |
236% |
$133.1 |
$84.6 |
57% | |
Per share |
$0.15 |
$0.06 |
150% |
$0.34 |
$0.28 |
21% | |
Cash provided by operating activities |
$119.1 |
$22.6 |
427% |
$288.0 |
$166.0 |
73% | |
Adjusted Net Earnings1 |
$64.9 |
$26.6 |
144% |
$206.2 |
$114.0 |
81% | |
Per share |
$0.16 |
$0.09 |
78% |
$0.53 |
$0.40 |
33% | |
Adjusted EBITDA1 |
$197.5 |
$91.4 |
116% |
$650.0 |
$338.6 |
92% | |
Adjusted Funds from Operations1 |
$127.0 |
$61.0 |
108% |
$455.4 |
$260.0 |
75% | |
Dividends per share |
$0.1480 |
$0.1377 |
7% |
$0.4606 |
$0.4025 |
14% |
Growth Highlights
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com.
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Wednesday, November 15, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details:
Date: Wednesday, November 15, 2017
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20171115.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1726, from November 15, 2017 until November 29, 2017. The webcast presentation will remain accessible via the URL above or APUC's website at www.AlgonquinPowerandUtilities.com.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest GAAP measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Management's Discussion & Analysis for the quarter ended September 30, 2017.
Adjusted EBITDA
EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP, which can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP, which can be impacted positively or negatively by these items.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 10, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) is pleased to announce that it has closed the bought deal offering announced on November 1, 2017, including the exercise in full of the underwriters' over-allotment option. A total of 43,470,000 common shares (the "Common Shares") of APUC were sold at a price of $13.25 per share for gross proceeds of approximately $576 million (the "Offering").
Net proceeds of the Offering are expected to be used, in part, to finance APUC's recently announced acquisition of a 25% ownership stake in Atlantica Yield plc from Abengoa, S.A. and for general corporate purposes.
The Common Shares were sold on a bought deal basis pursuant to an underwriting agreement with a syndicate of underwriters.
The Common Shares were offered to the public in Canada by way of a supplement to APUC's short form base shelf prospectus dated March 17, 2017. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sales of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets in the US and Canada representing more than 1,250 MW of installed capacity. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of applicable securities laws, including information and statements regarding the expected use of the net proceeds from the Offering. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Oct. 13, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) today announced plans to release 2017 third quarter financial results on Tuesday, November 14, 2017 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Wednesday, November 15, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Wednesday, November 15, 2017
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Local: 416-915-3239
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20171115.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1726, from November 15, 2017 until November 29, 2017. The webcast presentation will remain accessible via the URL above or APUC's website at www.AlgonquinPowerandUtilities.com.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
Transaction Highlights:
OAKVILLE, ON, Aug. 31, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") announced today that its subsidiary Liberty Utilities Co. ("Liberty Utilities"), APUC's regulated distribution utility business, has entered into a definitive agreement with Enbridge Gas Distribution Inc. ("Enbridge Gas Distribution"), a subsidiary of Enbridge Inc. (TSX: ENB), to acquire St. Lawrence Gas Company, Inc., a regulated natural gas distribution utility located in northern New York State, and its subsidiaries.
SLG is headquartered in Massena, NY, and provides natural gas distribution to a service territory located in northern New York State paralleling the south shore of the St. Lawrence River. The SLG operations consist of its existing local distribution company business serving approximately 16,000 residential, commercial and industrial customers, a natural gas appliance rental business focused on accelerating natural gas fuel adoption in the franchise area, and a recently completed 48 mile backbone gas distribution expansion into neighboring Franklin County.
"We believe that St. Lawrence Gas represents an attractive opportunity to acquire an established utility franchise which complements the regulated natural gas operations in our Liberty Utilities East Region," commented Ian Robertson, Chief Executive Officer of APUC. "St. Lawrence Gas offers compelling growth potential on a foundation of high quality utility operations and superior customer service. We look forward to working with the teams at Enbridge Gas Distribution and St. Lawrence Gas to secure the required regulatory approvals and deliver a smooth ownership transition."
The proposed transaction is structured as a stock purchase in exchange for a cash purchase price of U.S. $70 million, less the total amount of outstanding SLG indebtedness which will be assumed by Liberty Utilities at closing and is currently expected to be approximately U.S. $10 million. APUC will finance the transaction using cash on hand and existing credit facilities. Closing of the acquisition remains subject to regulatory approval and other customary closing conditions, and is expected to occur in 2018. SLG has an experienced and dedicated team, and Liberty Utilities will provide for continuing employment of current employees of SLG and its subsidiaries after the closing.
A summary fact sheet can be found under Investor Centre / Asset Summaries on APUC's web site at www.AlgonquinPowerandUtilities.com.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 700,000 customers in the United States, and is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 21, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") announced today that eligible shareholders resident in the United States are now able to enroll their common shares in APUC's shareholder dividend reinvestment plan (the "Reinvestment Plan"). Since its launch in 2011, the Reinvestment Plan was previously only available to residents of Canada.
The expansion of APUC's Reinvestment Plan will, for the first time, allow investors resident in the United States to participate, including APUC's U.S.-based employees. Expansion of the Reinvestment Plan to include U.S. residents provides an additional means to deliver shareholder value to U.S. investors and is well aligned with the listing of APUC common shares for trading on the New York Stock Exchange.
The distribution of common shares under the Reinvestment Plan has now been registered under the U.S. Securities Act of 1933, and certain other administrative changes have also been made to facilitate the participation of residents of the United States. Shareholders resident in the United States should review the prospectus relating to the Reinvestment Plan, including the applicable income tax considerations and risk factors included therein, which forms part of the Registration Statement on Form F-3 filed with the U.S. Securities and Exchange Commission on August 18, 2017.
Enrolling in the Reinvestment Plan
If you are a registered shareholder, you must complete, sign and return an enrolment form in order to become a Reinvestment Plan participant. Enrolment forms and information on the Reinvestment Plan may be obtained from AST Trust Company (Canada), either through their website (www.canstockta.com) or by contacting them directly at 1-800-387-0825. Non-registered beneficial holders of common shares (i.e. shareholders who hold their common shares through an intermediary such as a broker, dealer, bank, trust company, financial organization or any other nominee) should consult with their intermediary to determine the procedures for participation in the Reinvestment Plan. Once a shareholder is enrolled in the Reinvestment Plan, participation will continue automatically unless terminated in accordance with the terms of the Reinvestment Plan.
Shareholders who wish to enroll in the enhanced Reinvestment Plan must do so no less than five (5) business days prior to the dividend record date.
Copies of the Reinvestment Plan and the enrolment form, as well as additional information about the Reinvestment Plan, including a series of questions and answers are also available on the APUC website at www.AlgonquinPowerandUtilities.com.
Enrolment Must Occur by September 22nd for the Third Quarter Dividend
On August 10, 2017, APUC announced that a dividend of U.S. $0.1165 per share had been declared on its common shares, payable on October 13, 2017 to the shareholders of record on September 29, 2017, for the period from July 1, 2017 to September 30, 2017. Shareholders can elect to receive the dividend in the amount of Cdn. $0.1480, and the dividend is considered an 'eligible dividend' for Canadian income tax purposes.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the enhanced Reinvestment Plan, dividends (net of applicable withholding tax) will be reinvested in additional shares of APUC as per the Reinvestment Plan, based on equivalent Canadian funds. For the third quarter of 2017, shares issued under the Reinvestment Plan will be acquired by way of a treasury issuance at the average market price less a 5% discount as determined in accordance with the Reinvestment Plan.
Those shareholders who do not elect to participate in the Reinvestment Plan will receive their regular quarterly cash dividends (net of applicable withholding tax).
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 10, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") today announced financial results for the second quarter ended June 30, 2017.
Financial Highlights
APUC recorded strong second quarter financial results compared to the same period last year, primarily as a result of accretion from the acquisition of The Empire District Electric Company ("Empire"), the addition of new generating stations, and higher production from U.S. wind facilities. Summary results for the quarter are as follows:
In millions of Canadian dollars or on a per share |
Quarter ended June 30 |
Six months ended June 30 | |||||
basis unless otherwise noted (unaudited) |
2017 |
2016 |
Change |
2017 |
2016 |
Change | |
Revenue |
$453.2 |
$222.8 |
103% |
$1,011.1 |
$564.5 |
79% | |
Net earnings attributable to shareholders |
$47.7 |
$24.8 |
92% |
$73.7 |
$66.8 |
10% | |
Per share |
$0.12 |
$0.08 |
50% |
$0.19 |
$0.23 |
(17)% | |
Cash provided by operating activities |
$133.4 |
$89.9 |
48% |
$168.8 |
$143.4 |
18% | |
Adjusted Net Earnings1 |
$53.3 |
$30.9 |
72% |
$141.4 |
$87.2 |
62% | |
Per share |
$0.13 |
$0.11 |
18% |
$0.37 |
$0.31 |
19% | |
Adjusted EBITDA1 |
$197.6 |
$99.2 |
99% |
$452.6 |
$247.2 |
83% | |
Adjusted Funds from Operations1 |
$119.6 |
$77.5 |
54% |
$328.5 |
$199.4 |
65% | |
Dividends per share |
$0.1593 |
$0.1361 |
17% |
$0.3126 |
$0.2648 |
18% |
Growth Highlights
"APUC's strong second quarter financial and operational results are a reflection of the significant growth we have undergone as an organization over the past year," commented Ian Robertson, Chief Executive Officer of APUC. "We remain highly focused on execution against our capital investment plan addressing both accretive acquisitions and organic development opportunities, both of which deliver sustainable total returns to our shareholders and a growing dividend."
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com.
APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, August 11, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details:
Date: Friday, August 11, 2017
Start Time: 9:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20170811.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1555, from August 11, 2017 until August 25, 2017.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest GAAP measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Management's Discussion & Analysis for the quarter ended June 30, 2017.
Adjusted EBITDA
EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP, which can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP, which can be impacted positively or negatively by these items.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 10, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared a dividend of U.S. $0.1165 per share on its common shares, payable on October 13, 2017 to the shareholders of record on September 29, 2017 for the period from July 1, 2017 to September 30, 2017. Shareholders can elect to receive the dividend in the amount of Cdn $0.1480.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the third quarter of 2017.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders, that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting CST Trust Company at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 10, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,250 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, July 18, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) today announced plans to release 2017 second quarter financial results on Thursday, August 10, 2017 after market close. APUC will hold an earnings conference call at 9:00 a.m. eastern time on Friday, August 11, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, August 11, 2017
Start Time: 9:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Local: 416-915-3239
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20170811.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1555, from August 11, 2017 until August 25, 2017. The webcast presentation will remain accessible via the URL above or APUC's website at www.AlgonquinPowerandUtilities.com.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, June 9, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, NYSE: AQN) today announced that at the Company's annual and special meeting of shareholders held on June 8, 2017, all of the nominees listed in its management information circular dated May 11, 2017 were elected as directors of APUC until the next annual meeting of shareholders. The detailed voting results for the election of directors are set out below.
On a vote by ballot, each of the following nine nominees proposed by management was elected as a director of APUC. The results of the ballot were as follows:
Nominee |
Votes For |
% For |
Votes Withheld |
% Withheld |
Christopher Ball |
178,274,831 |
99.18% |
1,478,648 |
0.82% |
Melissa Stapleton Barnes |
179,149,857 |
99.66% |
603,622 |
0.34% |
Christopher Jarratt |
151,104,734 |
84.06% |
28,648,745 |
15.94% |
D. Randy Laney |
179,177,320 |
99.68% |
576,159 |
0.32% |
Kenneth Moore |
179,214,567 |
99.70% |
538,912 |
0.30% |
Ian Robertson |
179,229,862 |
99.71% |
523,617 |
0.29% |
Masheed Saidi |
179,123,687 |
99.65% |
629,792 |
0.35% |
Dilek Samil |
179,125,253 |
99.65% |
628,226 |
0.35% |
George Steeves |
170,773,401 |
95.00% |
8,980,078 |
5.00% |
Shareholders also voted in favour of an advisory resolution on the Company's approach to executive compensation, an amendment to the Company's Performance and Restricted Share Unit Plan, and the re-appointment of Ernst & Young LLP as the Company's auditor for the upcoming year.
Final voting results on all matters voted on at the annual and special meeting of shareholders will be filed with Canadian and U.S. securities regulatory authorities at www.sedar.com and www.sec.gov.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to approximately 780,000 customers in the United States, and is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 11, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") today announced financial results for the first quarter ended March 31, 2017.
First Quarter Financial Highlights
APUC recorded strong first quarter financial results compared to the same period last year, primarily as a result of the acquisition of The Empire District Electric Company ("Empire"):
First Quarter Highlights
"We are pleased to report strong first quarter financial and operational results. The year-over-year growth in our earnings and cash flows are evidence of the continued successful execution against our growth plans and affirm our Board's decision this past January to increase the dividend by 10%; representing our seventh consecutive year of double digit dividend growth," commented Ian Robertson, Chief Executive Officer of APUC. "In addition to successfully closing and welcoming Empire into the Liberty Utilities family, our 150 MW Deerfield Wind Facility and the 50 MW Luning Solar Facility became fully operational during the quarter and will contribute to our results over the balance of the year."
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com.
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 12, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details:
Date: Friday, May 12, 2017
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20170512.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1321, from May 12, 2017 until May 26, 2017.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to approximately 780,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest GAAP measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Management's Discussion & Analysis for the quarter ended March 31, 2017.
Adjusted EBITDA
EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the Company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP, which can be impacted positively or negatively by these items.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses that are viewed as not directly related to a company's operating performance. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable): changes in working capital balances, acquisition expenses, litigation expenses, cash provided by or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP, which can be impacted positively or negatively by these items.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 11, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to approximately 780,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 11, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC has declared a dividend of U.S. $0.1165 per share on its common shares, payable on July 14, 2017 to the shareholders of record on June 30, 2017 for the period from April 1, 2017 to June 30, 2017. Shareholders can elect to receive the dividend in the amount of Cdn $0.1593.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the second quarter of 2017.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders, that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting CST Trust Company at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to approximately 780,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, April 21, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) today announced plans to release 2017 first quarter financial results on Thursday, May 11, 2017 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 12, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: |
Friday, May 12, 2017 | |
Start Time: |
10:00 a.m. eastern time | |
Phone Number: |
Toll free within North America: 1-800-319-4610 or Local: 416-915-3239 | |
Conference Access: |
please ask to join the Algonquin Power & Utilities Corp. conference call | |
Presentation Access: |
http://services.choruscall.ca/links/algonquinpower20170512.html |
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1321, from May 12, 2017 until May 26, 2017.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 783,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
Financial Highlights (Unaudited)
Business Highlights
OAKVILLE, ON, March 2, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) ("APUC") today announced unaudited financial results for the fourth quarter and year ended December 31, 2016. APUC's unaudited financial information and supplementary management commentary are available at www.AlgonquinPowerandUtilities.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise noted and all information contained in this news release is unaudited.
Financial Review
In millions of Canadian dollars or on a per share basis unless otherwise noted |
Quarterly |
Annual | |||||
Quarter ended December 31, 2016 |
Year ended December 31, 2016 | ||||||
2016 |
2015 |
Variance |
2016 |
2015 |
Variance | ||
Revenue |
310.2 |
260.3 |
19 |
1,096.0 |
1,027.9 |
7 | |
Net earnings from continuing operations |
46.3 |
38.1 |
22 |
130.9 |
118.5 |
11 | |
Per share |
0.16 |
0.14 |
14 |
0.44 |
0.43 |
2 | |
Adjusted net earnings1 |
51.4 |
39.7 |
30 |
161.6 |
121.5 |
33 | |
Per share |
0.18 |
0.15 |
20 |
0.57 |
0.46 |
24 | |
Cash provided by operating activities |
121.3 |
94.3 |
29 |
287.3 |
261.9 |
10 | |
Adjusted EBITDA1 |
138.3 |
109.6 |
26 |
476.9 |
375.4 |
27 | |
Adjusted Funds from Operations1 |
95.8 |
77.2 |
24 |
355.8 |
287.4 |
24 | |
Dividend per share |
0.14 |
0.13 |
8 |
0.55 |
0.49 |
12 |
Completion of the Empire Acquisition
Fourth Quarter and Year End Corporate Highlights
Fourth Quarter:
Full Year 2016:
Subsequent to Year-end 2016:
"Our 2016 results represent continued affirmation of the value proposition embodied in the Algonquin Power & Utilities Corp. story. The 2016 announcement and successful completion of the Empire acquisition and construction of 360 MW of new renewable electric generation will deliver record 2017 earnings," commented Ian Robertson, Chief Executive Officer of APUC. "We are confident that, with our commitments to growth within our Renewable Generation business and the benefits from the increased scale of our Liberty Utilities platform, APUC is well positioned to deliver increased shareholder value over the coming years."
Earnings Conference Call
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 3, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Date: Friday, March 3, 2017
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20170303.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1066 from Friday, March 3, 2017 until Friday, March 17, 2017.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 783,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,300 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and Non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation, analysis and reconciliation to the nearest GAAP measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Supplementary Financial Information (unaudited) for the quarter ended December 31, 2016.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure calculated by APUC as cash provided by operating activities without giving effect to (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure calculated by APUC as net earnings from operations without giving effect to (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP calculated by APUC as cash flows from operating activities without giving effect to (as applicable) changes in working capital balances, acquisition expenses, litigation expenses, cash provided or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 2, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D, NYSE: AQN) announced today that the Board of Directors of APUC (the "Board") has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 782,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,150 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 1, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) today announced that Liberty Utilities Co., APUC's regulated distribution utility holding company, has entered into an agreement for the issuance of U.S. $750 million of senior unsecured private placement notes through an affiliated special purpose financing entity. The notes are of varying maturities ranging from 3 to 30 years with a weighted average life to maturity of approximately 15 years and an effective weighted average interest expense of 3.6%.
The proceeds of the offering will be used to repay the remaining balance of APUC's bank facility drawn on closing of the acquisition of The Empire District Electric Company and refinance certain other existing indebtedness. The financing is the fifth series of notes issued pursuant to Liberty Utilities' master indenture and is expected to close before the end of March 2017.
"The acquisition of The Empire District Electric Company marks a major milestone in APUC's history and adds significant scale to our regulated utilities financing platform," commented David Bronicheski, APUC's Chief Financial Officer. "This private placement debt financing completes the financing plan for our Empire acquisition and delivers our noteholders and utility customers the benefits from our large diversified portfolio of regulated utilities."
The senior notes have been assigned a provisional credit rating of BBB (high) by DBRS Limited.
The offering is being co-led by J.P. Morgan and Wells Fargo Securities LLC.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 782,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,150 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 10, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) today announced plans to release 2016 fourth quarter and year-end financial results on Thursday, March 2, 2017 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 3, 2017, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, March 3, 2017
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Local: 416-915-3239
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20170303.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-674-8052, access code 1066, from Friday, March 3, 2017 until March 17, 2017.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water and electricity generation, transmission and distribution utility services to over 782,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities representing more than 1,150 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Jan. 30, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, NYSE: AQN) is pleased to announce the appointment of D. Randy Laney to serve on the Company's Board of Directors (the "Board").
Mr. Laney brings over 30 years of management and capital markets experience as well as strategic and operational experience within the regulated energy utility sector. Mr. Laney joined the Board of Directors of The Empire District Electric Company in 2003 and served as the Non-Executive Vice Chairman of the Board from 2008 to 2009 and Non-Executive Chairman of the Board from 2009 to 2016. Mr. Laney has held numerous senior level positions with both public and private companies during his career, including 23 years with Wal-Mart Stores, Inc. in various executive positions including Vice President of Finance, Benefits and Risk Management and Vice President of Finance and Treasurer.
"We are fortunate to have Randy Laney join the Board of Directors of APUC and look forward to his contribution," commented Ken Moore, APUC Board Chairman. "Mr. Laney further strengthens the APUC Board and will provide valuable continuity with our recent acquisition of The Empire District Electric Company."
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water and electricity generation, transmission and distribution utility services to over 782,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contacted wind, solar and hydroelectric generating facilities representing more than 1,150 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Jan. 16, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) announced that the Board of Directors of APUC (the "Board") approved a dividend increase of U.S. $0.0424 annually per common share for a total annual dividend of U.S. $0.4659 per common share, paid quarterly at a rate of U.S. $0.1165 per common share.
APUC also announced today that the Board has declared a dividend of U.S. $0.1165 per share on its common shares, payable on April 14, 2017 to the shareholders of record on March 31, 2017 for the period from January 1, 2017 to March 31, 2017. Shareholders can elect to receive the dividend in the amount of Cdn. $0.1533.
"With the recent acquisition of The Empire District Electric Company, along with the completion of other successful renewable energy project initiatives this past year, APUC has experienced transformative growth across the organization," commented Ian Robertson, Chief Executive Officer of APUC. "This 10% increase in our dividend is well underpinned by the increased 2017 earnings and cash flows arising in connection with these achievements."
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the first quarter of 2017.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting CST Trust Company at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada noon exchange rate on the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. Liberty Utilities provides rate regulated natural gas, water and electricity generation, transmission and distribution utility services to over 782,000 customers in the United States. APUC is committed to being a North American leader in the generation of clean energy through its portfolio of long term contacted wind, solar and hydroelectric generating facilities representing more than 1,150 MW of installed capacity. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE,ON, Jan. 1, 2017 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) announced today that a subsidiary of Liberty Utilities Co. ("Liberty Utilities"), APUC's wholly-owned regulated utility business, successfully completed its acquisition of The Empire District Electric Company ("Empire") for an aggregate purchase price of approximately Cdn$3.2 billion (the "Transaction"). Empire is now a wholly-owned subsidiary of Liberty Utilities and will cease to be a publicly-held corporation.
With the closing of the Transaction, APUC has materially expanded its utility operations in the United States. APUC, through its 2,200 employees, now serves over 782,000 electric, gas, and water customers within its regulated utility business, and APUC's portfolio of power generating facilities now contains both regulated and non-regulated power facilities with a total capacity of over 2,500 MW.
"Empire is highly complementary to the scope of our current operations, brings valuable scale to our existing utility business, and adds further support to our annual dividend growth target of 10% through significant accretion to per share cash flows and earnings," said Ian Robertson, Chief Executive Officer of APUC. "The APUC and Empire teams have worked diligently to successfully bring our companies together, and we are excited about the many opportunities that our newly expanded platform brings to our growth prospects in North America."
As previously announced, Empire's shareholders will receive US$34.00 per common share which, including the assumption of approximately US$0.8 billion of debt at closing, represents an aggregate purchase price of approximately US$2.3 billion (Cdn$3.2 billion).
As a result of the closing, Empire's common stock is being delisted from the New York Stock Exchange. Empire shareholders will be provided with instructions on how to receive the merger consideration for their shares by Wells Fargo, in its capacity as paying agent for the transaction.
APUC will issue shortly a final instalment notice (the "Final Instalment Notice") notifying holders of its 5% convertible unsecured subordinated debentures ("Debentures") represented by instalment receipts of the date for payment of the final instalment (the "Final Instalment Date"), which shall not be less than 15 days nor more than 90 days following the date of such notice in accordance with the terms of the instalment receipts. Additional details will be set out in the Final Instalment Notice regarding, among other things, the right of holders of Debentures who have paid the final instalment to receive a make-whole payment and to convert their Debentures into APUC common shares.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission and distribution utility with $10 billion of total assets. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 782,000 customers in the United States. The generation business group owns a portfolio of regulated and long term contracted North American based wind, solar, hydroelectric and thermal powered generating facilities representing more than 2,500 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Information Concerning Forward-Looking Statements
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding expected benefits from the Transaction and the issuance of the final instalment notice. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON and JOPLIN, MO, Dec. 22, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) and The Empire District Electric Company ("Empire") (NYSE:EDE) announced today that the Kansas Corporation Commission (the "KCC") has approved the unanimous settlement agreement among Empire, Liberty Sub Corp., and Liberty Utilities (Central) Co. (collectively, the "Joint Applicants"), the KCC Staff and the Citizens' Utility Ratepayer Board. The KCC order provides, among other things, authorization to consummate the merger (the "Merger") between Empire and Liberty Sub Corp. in accordance with the terms and conditions of the Agreement and Plan of Merger dated as of February 9, 2016.
Receipt of the KCC's order completes the final required regulatory approval and accordingly, all conditions precedent to completing the Merger have been fulfilled other than the customary closing conditions. The transaction closing is expected to occur on or about January 1, 2017.
"We are very pleased with the KCC's approval of APUC's acquisition of Empire. We recognize and are grateful for the significant efforts of all parties who participated in this regulatory process," commented Ian Robertson, Chief Executive Officer of APUC. "We are committed to ensuring Empire remains a strong, locally-based, customer focused utility. This transaction combines the strengths of two great companies, and we look forward to pursuing the many opportunities resulting from the merger."
Brad Beecher, Empire's President and Chief Executive Officer, added, "With the approval from the KCC we have cleared the final regulatory hurdle necessary to consummate our transaction with APUC. It has taken significant effort of a number of parties to reach this successful conclusion. Empire remains committed to providing reliable and responsible services to our customers, a rewarding environment for our employees, and a continuing level of community support and involvement."
About Algonquin Power & Utilities Corp.
APUC is a $6.3 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
About The Empire District Electric Company
Based in Joplin, Missouri, The Empire District Electric Company (NYSE:EDE) is an investor-owned, regulated utility providing electric, natural gas (through its wholly owned subsidiary, The Empire District Gas Company) and water service, with approximately 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the Company also provides fiber optic services.
Information Concerning Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements" within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about beliefs, expectations, estimates, projections, goals, forecasts, assumptions, risks and uncertainties, are forward-looking statements. Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "intends," "plans," "anticipates," "pro forma," "predicts," "seeks," "could," "would," "will," "can," "continue" or "potential" and the negative of these terms or other comparable or similar terminology or expressions. The forward-looking statements in this press release include, without limitation, statements relating to Liberty Utilities' proposed acquisition of Empire, regulatory approvals, the completion of the proposed transaction and benefits of the proposed transaction. These statements reflect APUC's and Empire's management's current beliefs and are based on information currently available to APUC management and Empire management. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements (some of which may prove to be incorrect). APUC and Empire caution readers that a number of factors could cause actual results, performance or achievement to differ materially from the results discussed or implied in the forward-looking statements. Important factors that could cause actual results, performance and achievements to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to the following: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; or could otherwise cause the failure of the merger to close; (ii) the risk that a condition to the closing of the proposed transaction may not be satisfied; (iii) the failure to obtain, or to obtain on favorable terms, any financing necessary to complete the merger; (iv) the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the proposed merger; (v) the receipt of an unsolicited offer from another party to acquire assets or capital stock of Empire that could interfere with the proposed merger; (vi) the timing to consummate the proposed transaction; (vii) the costs incurred to consummate the proposed transaction or any financing transaction related to the proposed transaction, or to realize any benefits of the proposed transaction; (viii) the credit ratings of the companies following the proposed transaction; (ix) disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees, regulators or suppliers; * the diversion of management time and attention on the transaction; (xi) general worldwide economic conditions and related uncertainties; (xii) the effect and timing of changes in laws or in governmental regulations (including environmental laws and regulations); (xiii) the timing and extent of changes in interest rates, commodity prices and demand and market prices for gas and electricity; and (xiv) other factors discussed or referred to in the "Risk Factors" section of APUC's most recent Annual Information Form filed with securities regulators in Canada and such other materials that APUC may file in connection with the proposed transaction with securities regulators in Canada or in the "Risk Factors" or "Forward Looking Statements" sections of Empire's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) and in subsequently filed Forms 10-Q and 8-K.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 29, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, NYSE: AQN) today hosted its seventh annual Investor Day where Chief Executive Officer Ian Robertson, Vice Chair Chris Jarratt, Chief Financial Officer David Bronicheski, and other members of APUC's leadership team provided updates on the strategic direction, growth prospects and long term financing plans of APUC, including further details on integration progress related to its merger with The Empire District Electric Company ("Empire") and its updated long term growth program with identified investment opportunities of approximately ten billion dollars through 2021.
Central to the Company's strategic plan is $4.3 billion of forecasted investment in new renewable energy facilities, including additional wind energy capacity that will lead to reduced customer electricity costs as Empire transitions away from coal-fired generation, a goal which is consistent with the objectives of the State regulatory agencies to modernize Empire's generation mix and comply with state and federal environmental regulations. A further $2.0 billion in opportunities were outlined across APUC's generation, transmission, and distribution businesses.
"Algonquin Power & Utilities Corp. continues to demonstrate an ability to identify accretive investment opportunities which support our objective of growing earnings and cash flows," commented Ian Robertson, Chief Executive Officer of APUC. "With the closing of Empire fast approaching, we are looking forward to leveraging APUC's renewable energy development skills to further green Empire's generation mix and deliver long term accretive growth for our shareholders with a highly visible five year program of capital investment opportunities."
In relation to the press release issued on November 24, the common shares of APUC began trading on the New York Stock Exchange today under the ticker symbol AQN. APUC will continue to trade on the Toronto Stock Exchange under the same ticker symbol. APUC common shares can now be traded either on the Toronto Stock Exchange in Canadian dollars, or on the New York Stock Exchange in U.S. dollars.
The presentation material from the 2016 Investor Day is available on APUC's website www.AlgonquinPowerandUtilities.com.
An archived audio and video webcast of the Investor Day is also available after 3:00 p.m. today at http://www.smpav.ca/sign-in.php?ID=29965.
Additional information can be found at www.AlgonquinPowerandUtilities.com under "News and Market Information".
About Algonquin Power & Utilities Corp.
APUC is a $6.3 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
For Further Information:
Additional information can be found on APUC's web site www.AlgonquinPowerandUtilities.com or by contacting Investor Relations.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 24, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) announced today that it has received approval to list its common shares for trading on the New York Stock Exchange ("NYSE") commencing on November 29th, 2016 under the ticker symbol "AQN". APUC will retain its listing on the Toronto Stock Exchange ("TSX") under the symbol "AQN". The company announced its intention to pursue a listing on the NYSE at the time of reporting its third quarter 2016 financial results.
"We continue to expand our operations in the United States, including our pending merger with The Empire District Electric Company," said Ian Robertson, President and Chief Executive Officer of APUC. "We believe that a NYSE listing supports our commitment to our growing U.S. employee and customer base and will improve our access to capital."
To celebrate its listing, APUC will be ringing the NYSE Opening Bell on Wednesday, November 30th, 2016.
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
For Further Information:
Additional information can be found on APUC's website www.AlgonquinPowerandUtilities.com or by contacting Investor Relations.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 10, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) ("APUC") today announced financial results for the third quarter ended September 30, 2016.
Third Quarter Financial Highlights:
"We are pleased to report third quarter and year to date financial results that reflect solid growth in our earnings and cash flows as we continue to successfully execute on our growth program," commented Ian Robertson, Chief Executive Officer of APUC. "During the quarter we commissioned the 200 MW Odell Wind Facility and came several steps closer to gaining all regulatory approvals required to complete the Empire acquisition, which remains on track for completion in early 2017."
Third Quarter Highlights:
APUC's supplemental information is available on the website at www.AlgonquinPowerandUtilities.com.
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, November 11, 2016, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details:
Date: Friday, November 11, 2016
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20161111.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-638-9010, access code 0855 from Friday, November 11, 2016 until Friday, November 25, 2016.
About Algonquin Power & Utilities Corp.
APUC is a $5.0 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation and analysis of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Management's Discussion & Analysis for the quarter ended September 30, 2016.
Adjusted EBITDA
EBITDA is a non-GAAP measure used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the company. Where APUC manages the day to day operations of a facility and receives the majority of its economic benefits, the full operating profit of such facility is included in calculating the measure. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP measure used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses and are viewed as not directly related to a company's operating performance. Net earnings of APUC can be impacted positively or negatively by gains and losses on derivative financial instruments, including foreign exchange forward contracts, interest rate swaps and energy forward purchase contracts as well as to movements in foreign exchange rates on foreign currency denominated debt and working capital balances. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses and are viewed as not directly related to a company's operating performance. Cash flows from operating activities of APUC can be impacted positively or negatively by changes in working capital balances, acquisition expenses, litigation expenses, and cash provided or used in discontinued operations. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable) changes in working capital balances, acquisition expenses, litigation expenses, cash provided or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. Where APUC manages the day to day operations of a facility and receives the majority of its economic benefits, the Adjusted Funds from Operations of the entire facility is included in calculating the measure. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 10, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D, AQN.IR) announced today that the Board of Directors of APUC (the "Board") has declared a dividend of U.S. $0.1059 per share on its common shares, payable on January 13, 2017 to the shareholders of record on December 31, 2016 for the period from October 1, 2016 to December 31, 2016. Shareholders can elect to receive the dividend in the amount of Cdn $0.1427.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the fourth quarter of 2016.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders, that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who reside in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting CST Trust Company at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada noon exchange rate on the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a $5.0 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Nov. 10, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D, AQN.IR) announced today that the Board of Directors of APUC (the "Board") has declared the following preferred share dividends:
1. Cdn $0.28125 per Preferred Share, Series A, payable in cash on December 30, 2016 to Preferred Share, Series A holders of record on December 15, 2016 for the period from September 30, 2016 to, but excluding, December 31, 2016.
2. Cdn $0.3125 per Preferred Share, Series D, payable in cash on December 30, 2016 to Preferred Share, Series D holders of record on December 15, 2016 for the period from September 30, 2016 to, but excluding, December 31, 2016.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
APUC is a $5.0 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Oct. 14, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced plans to release 2016 third quarter financial results on Thursday, November 10, 2016 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, November 11, 2016, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, November 11, 2016
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Local: 416-915-3239
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20161111.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-604-638-9010, access code 0855 from Friday, November 11, 2016 until Friday, November 25, 2016.
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON and JOPLIN, MO, Sept. 8, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) and The Empire District Electric Company ("Empire") (NYSE:EDE) announced today updates with respect to the required regulatory approvals in connection with the merger (the "Merger") of Empire with and into Liberty Sub Corp. ("Merger Sub") pursuant to the Agreement and Plan of Merger (the "Merger Agreement") dated as of February 9, 2016 by and among Empire, Merger Sub and Liberty Utilities (Central) Co. ("Liberty Central").
The Missouri Public Service Commission (the "MPSC") has approved the stipulations and agreements between Empire, Merger Sub, and Liberty Central (collectively, the "Applicants"), the MPSC Staff, the Office of Public Counsel, and the other remaining parties. The Applicants are authorized to consummate the Merger in accordance with the terms and conditions of the Merger Agreement. The order is effective October 7, 2016.
Empire and APUC further announced, with regard to the Merger application proceeding in Kansas, the filing of a joint motion by the Applicants, Kansas Corporation Commission Staff, and the Citizens' Utility Ratepayer Board (collectively, the "Parties") to amend the procedural schedule ordered June 9, 2016 by the Kansas Corporation Commission (the "KCC"). The Parties have reached an agreement in principle that would resolve all issues in the matter of the Merger application, and are requesting the procedural schedule be modified to set forth an order due date of December 14, 2016, rather than the initial due date of January 10, 2017. This motion to amend the procedural schedule requires approval by the KCC.
"The approval granted in Missouri yesterday marks the completion of another key milestone in our transaction with Empire," commented Ian Robertson, CEO of APUC. "Combined with the expectations regarding the procedural schedule in Kansas, we believe our ability to close the Merger remains on track to our expected Q1 2017 timeline."
Brad Beecher, Empire's President and CEO added, "With Missouri, Oklahoma and FERC approvals in place, a settlement agreement awaiting approval in Arkansas, and an agreement in principle with the Parties in Kansas, we continue to make steady progress toward the consummation of this transaction. Pending approval of the joint motion to amend the procedural schedule and subsequent approval of the Merger from the Arkansas and Kansas Commissions, we expect closing in early 2017."
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 564,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
About The Empire District Electric Company
Based in Joplin, Missouri, The Empire District Electric Company (NYSE:EDE) is an investor-owned, regulated utility providing electric, natural gas (through its wholly owned subsidiary, The Empire District Gas Company) and water service, with approximately 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of the Company also provides fiber optic services.
Information Concerning Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements" within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about beliefs, expectations, estimates, projections, goals, forecasts, assumptions, risks and uncertainties, are forward-looking statements. Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "intends," "plans," "anticipates," "pro forma," "predicts," "seeks," "could," "would," "will," "can," "continue" or "potential" and the negative of these terms or other comparable or similar terminology or expressions. The forward-looking statements in this press release include, without limitation, statements relating to Liberty Utilities' proposed acquisition of Empire, regulatory approvals, the completion of the proposed transaction, benefits of the proposed transaction, and anticipated future financial measures and operating performance and results, including estimates for growth. These statements reflect APUC's and Empire's management's current beliefs and are based on information currently available to APUC management and Empire management. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements (some of which may prove to be incorrect). APUC and Empire caution readers that a number of factors could cause actual results, performance or achievement to differ materially from the results discussed or implied in the forward-looking statements. Important factors that could cause actual results, performance and results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to the following: (i) the risk that Liberty Utilities or Empire may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or that required governmental and regulatory approvals or agreements with other parties interested therein may delay the proposed transaction or may be subject to or impose adverse conditions or costs; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; or could otherwise cause the failure of the merger to close; (iii) the risk that a condition to the closing of the proposed transaction may not be satisfied; (iv) the failure to obtain, or to obtain on favorable terms, any financing necessary to complete the merger; (v) the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the proposed merger; (vi) the receipt of an unsolicited offer from another party to acquire assets or capital stock of Empire that could interfere with the proposed merger; (vii) the timing to consummate the proposed transaction; (viii) the costs incurred to consummate the proposed transaction or any financing transaction related to the proposed transaction, or to realize any benefits of the proposed transaction; (ix) the credit ratings of the companies following the proposed transaction; * disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees, regulators or suppliers; (xi) the diversion of management time and attention on the transaction; (xii) general worldwide economic conditions and related uncertainties; (xiii) the effect and timing of changes in laws or in governmental regulations (including environmental laws and regulations); (xiv) the timing and extent of changes in interest rates, commodity prices and demand and market prices for gas and electricity; and (xv) other factors discussed or referred to in the "Risk Factors" section of APUC's most recent Annual Information Form filed with securities regulators in Canada and such other materials that APUC may file in connection with the proposed transaction with securities regulators in Canada or in the "Risk Factors" or "Forward Looking Statements" sections of Empire's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) and in subsequently filed Forms 10-Q and 8-K.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 11, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) ("APUC") today announced financial results for the second quarter ended June 30, 2016.
Second Quarter Financial Highlights:
"Our second quarter and year to date results reflect the continuation of our strong growth program, delivering significant value in earnings and cash flow for our shareholders to support the growth in the dividend," remarked Ian Robertson, Chief Executive Officer of APUC. "We are pleased with the progress made to date on our acquisition of The Empire District Electric Company, having received Empire's shareholder approval for the transaction as well as delivering on our growth in our power development projects with the successful commissioning of the Odell Wind Project in the U.S."
Second Quarter Growth Highlights:
Second Quarter Corporate Highlights:
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com.
APUC will hold an earnings conference call at 10:00 a.m. Eastern Time on Friday, August 12, 2016, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details:
Date: Friday, August 12, 2016
Start Time: 10:00 a.m. Eastern Time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 1-416-915-3239
Conference ID: Please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20160812.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-604-638-9010 or 1-855-669-9658, access code 00660 from Friday, August 12, 2016 until August 26, 2016.
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are used in this press release. The terms "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" are not recognized measures under GAAP. There is no standardized measure of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" and consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation and analysis of "Adjusted Net Earnings", Adjusted EBITDA, and "Adjusted Funds from Operations" can be found in the Management's Discussion & Analysis for the quarter ended June 30, 2016.
Adjusted Net Earnings
Adjusted Net Earnings is a non-GAAP metric used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses and are viewed as not directly related to a company's operating performance. Net earnings of APUC can be impacted positively or negatively by gains and losses on derivative financial instruments, including foreign exchange forward contracts, interest rate swaps and energy forward purchase contracts as well as to movements in foreign exchange rates on foreign currency denominated debt and working capital balances. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses Adjusted Net Earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
Adjusted EBITDA
EBITDA is a non-GAAP metric used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Funds from Operations
Adjusted Funds from Operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses and are viewed as not directly related to a company's operating performance. Cash flows from operating activities of APUC can be impacted positively or negatively by changes in working capital balances, acquisition expenses, litigation expenses, and cash provided or used in discontinued operations. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses Adjusted Funds from Operations to assess its performance without the effects of (as applicable) changes in working capital balances, acquisition expenses, litigation expenses, cash provided or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 11, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D, AQN.IR) announced today that the Board of Directors of APUC (the "Board") has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $5.0 billion North American diversified generation, transmission and distribution utility. The Distribution Group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The Generation Group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. Algonquin Power & Utilities delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit Algonquin Power & Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, Aug. 11, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D, AQN.IR) announced today that the Board of Directors of APUC (the "Board") has declared a dividend of U.S. $0.1059 per share on its common shares, payable on October 14, 2016 to the shareholders of record on September 30, 2016 for the period from July 1, 2016 to September 30, 2016. Shareholders can elect to receive the dividend in the amount of Cdn. $0.1377.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the third quarter of 2016.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders, that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting CST Trust Company at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada noon exchange rate on the declaration date.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $5.0 billion North American diversified generation, transmission and distribution utility. The Distribution Group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The Generation Group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. Algonquin Power & Utilities delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit Algonquin Power & Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Aug. 9, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced the achievement of commercial operation of the 200 MW Odell Wind Project ("Odell") located in Cottonwood, Jackson, Martin, and Watonwan Counties in Minnesota under the terms of the power purchase agreement ("PPA") with an investment grade utility.
Odell consists of 100 Vestas V110-2.0 MW wind turbine generators. The project qualified for the U.S. renewable energy production tax credits and tax equity investors provided an investment of approximately U.S. $180.0 million of equity financing toward project costs. The total capital cost of the facility was approximately U.S. $330 million.
The facility enjoys an excellent wind resource which will allow Odell to produce an average of 832 GW-hrs of electricity per year, with all energy sold under a 20 year power purchase agreement. Algonquin holds a 50% equity interest in the project, with the other 50% held by the original developer. APUC has provided notice of intent to exercise its option to purchase the remaining 50% of the project. The company expects to acquire the remaining 50% upon receipt of regulatory approvals which is anticipated to occur in the fourth quarter of 2016.
"We are pleased to continue delivering on our planned growth pipeline for 2016 with the successful completion of the Odell wind farm." commented Chief Executive Officer Ian Robertson. "Odell's strong wind resource in a new geographic region and its long-term power purchase agreement make it an outstanding addition to our fleet of renewable generation facilities."
Additional information can be found at www.AlgonquinPowerandUtilities.com under "News and Market Information".
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,300 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, July 15, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced plans to release 2016 second quarter financial results on Thursday, August 11, 2016 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 12, 2016, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, August 12, 2016
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Toronto: 1-416-915-3239
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.ca/links/algonquinpower20160812.html
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-604-638-9010 or 1-855-669-9658, access code 00660 from Friday, August 12, 2016 until August 26, 2016.
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
JOPLIN, MO and OAKVILLE, ON, June 16, 2016 /PRNewswire/ - The Empire District Electric Company (Empire) (NYSE:EDE) and Algonquin Power & Utilities Corp. (APUC) (TSX:AQN) announced today that Empire's shareholders voted to approve the previously announced Agreement and Plan of Merger, dated February 9, 2016, by and among Empire, Liberty Utilities (Central) Co., an indirect subsidiary of APUC (Liberty Central) and Liberty Sub Corp., a subsidiary of Liberty Central.
"Today marks an historic day for The Empire District Electric Company, and I want to thank our shareholders for their support in approving the Agreement and Plan of Merger," said Empire's President and CEO Brad Beecher. "We are pleased to have secured shareholder approval in addition to the regulatory approvals from the FERC and state of Oklahoma that we had previously announced. Empire's management team will continue to work diligently over the next several months as we seek to obtain the remaining necessary regulatory approvals to bring about the closing of the transaction. We continue to expect the transaction to close in the first quarter of 2017."
Shareholders approved the merger agreement with approximately 95.5 percent of the votes cast at today's special shareholder meeting voting in favor of the merger proposal. Today's vote represented approximately 70.8 percent of Empire's outstanding common stock as of May 2, 2016, the record date for the special shareholder meeting.
Ian Robertson, CEO of APUC added, "Our merger agreement with Empire represents an important step forward in the growth of our regulated utility business, and we too are pleased that the Empire shareholders voted in favour of the transaction today. We look forward to continuing our joint efforts with Empire to move through the remaining regulatory approvals as we work toward the completion of the transaction."
About The Empire District Electric Company
Based in Joplin, Missouri, The Empire District Electric Company (NYSE: EDE) is an investor-owned, regulated utility providing electricity, natural gas (through its wholly owned subsidiary The Empire District Gas Company), and water service, with approximately 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas. A subsidiary of Empire also provides fiber optic services. For more information regarding Empire, visit www.empiredistrict.com.
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Forward-Looking Statements
This press release contains certain "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about beliefs, expectations, estimates, projections, goals, forecasts, assumptions, risks and uncertainties, are forward-looking statements. Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "intends," "plans," "anticipates," "pro forma," "predicts," "seeks," "could," "would," "will," "can," "continue" or "potential" and the negative of these terms or other comparable or similar terminology or expressions. The forward-looking statements in this presentation include, without limitation, statements relating to Liberty Utilities proposed acquisition of Empire, regulatory approvals, and the completion of the proposed transaction. These statements reflect Empire's management's current beliefs and are based on information currently available to Empire management. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements (some of which may prove to be incorrect). Empire cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Important factors that could cause actual results, performance and achievements to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to the following: (i) the risk that Liberty Utilities or Empire may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or required governmental and regulatory approvals may delay the proposed transaction; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; or could otherwise cause the failure of the merger to close; (iii) the risk that a condition to the closing of the proposed transaction may not be satisfied; (iv) the failure to obtain any financing necessary to complete the merger; (v) the outcome of any legal proceedings, regulatory proceedings or enforcement matters that have been or may be instituted against Empire and others relating to the merger agreement; (vi) the receipt of an unsolicited offer from another party to acquire assets or capital stock of Empire that could interfere with the proposed merger; (vii) the timing to consummate the proposed transaction; (viii) disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees, regulators or suppliers; (ix) the diversion of management time and attention on the transaction; * general worldwide economic conditions and related uncertainties; (xi) the effect and timing of changes in laws or in governmental regulations (including environmental laws and regulations); (xii) the timing and extent of changes in interest rates, commodity prices and demand and market prices for gas and electricity; and (xiii) other factors discussed or referred to in the "Risk Factors" or "Forward Looking Statements" sections of Empire's most recent Annual Report on Form 10-K and quarterly report on Form 10-Q, each filed with the Securities and Exchange Commission (the SEC) and in subsequently filed Forms 10-Q and 8-K.
Additional risks and uncertainties are discussed in the proxy statement dated May 3, 2016 (as supplemented through the date hereof) and other materials that Empire has filed or will file with the SEC in connection with the proposed transaction. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. Each forward-looking statement in this presentation speaks only as of the date of the particular statement. For additional information with respect to certain of the risks or factors, reference should be made to Empire's filings with the SEC. Except as required by law, Empire disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, June 10, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN) today announced that at the Company's Annual and Special Meeting of Shareholders held on June 9, 2016, all the nominees listed in its Management Information Circular dated May 3, 2016 were elected as directors of APUC until the next annual meeting of shareholders. The detailed voting results are set out below.
On a vote by ballot, each of the following nine nominees proposed by management was elected as a director of APUC:
Nominee |
Votes For |
% For |
Votes Withheld |
% Withheld |
Christopher Ball |
145,845,464 |
96.73% |
4,934,037 |
3.27% |
Melissa Barnes |
150,298,006 |
99.68% |
481,495 |
0.32% |
Christopher Huskilson |
127,879,507 |
84.81% |
22,899,994 |
15.19% |
Christopher Jarratt |
149,603,563 |
99.22% |
1,175,938 |
0.78% |
Kenneth Moore |
150,287,522 |
99.67% |
491,979 |
0.33% |
Ian Robertson |
149,857,960 |
99.40% |
911,371 |
0.60% |
Masheed Saidi |
147,996,134 |
98.15% |
2,783,367 |
1.85% |
Dilek Samil |
148,030,902 |
98.18% |
2,748,599 |
1.82% |
George Steeves |
150,450,460 |
99.78% |
329,041 |
0.22% |
Final voting results on all matters voted on at the annual and special meeting of shareholders will be filed on www.sedar.com and EDGAR at www.edgar.com.
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Additional information can be found on APUC's web site www.AlgonquinPowerandUtilities.com or by contacting Investor Relations.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 12, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) ("APUC") today announced financial results for the first quarter ended March 31, 2016.
Financial Highlights:
Dividend Increase:
"Contributions from our completed growth initiatives coupled with improved resource conditions at our wind and solar facilities led to a strong increase in earnings and cash flows in Q1, and we are pleased that our continued success underpins a further 10% increase in our dividend." commented Ian Robertson, Chief Executive Officer of APUC. "The acquisition of the Park Water System completed in the quarter, and our announcement of the proposed acquisition of the Empire District Electric Company mark significant additions to our regulated utility footprint in the U.S., are consistent with our commitment to growth across the business and are expected to be important contributors to our continued growth trajectory in 2016 and beyond."
First Quarter Growth Highlights:
Update on the acquisition approval process
APUC's supplemental information is available on the web site at www.AlgonquinPowerandUtilities.com.
APUC will hold an earnings conference call at 11:00 a.m. eastern time on Friday, May 13, 2016, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details:
Date: Friday, May 13, 2016
Start Time: 11:00 a.m. eastern time
Phone Number: Toll free within North America: 1-888-243-4451 or International: 1-412-542-4135
Conference ID: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.com/links/aqn160513
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-412-317-0088, access code 10084758 from Friday, May 13, 2016 until Friday May 27, 2016.
About Algonquin Power & Utilities Corp.
APUC is a $5.0 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and Instalment Receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "adjusted net earnings" and Adjusted EBITDA, are used in this press release. The terms "adjusted net earnings" and Adjusted EBITDA are not recognized measures under GAAP. There is no standardized measure of "adjusted net earnings" and Adjusted EBITDA, consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation and analysis of "adjusted net earnings" and Adjusted EBITDA can be found in the Management's Discussion & Analysis for the quarter ended March 31, 2016.
Adjusted net earnings
Adjusted net earnings is a non-GAAP metric used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses and are viewed as not directly related to a company's operating performance. Net earnings of APUC can be impacted positively or negatively by gains and losses on derivative financial instruments, including foreign exchange forward contracts, interest rate swaps and energy forward purchase contracts as well as to movements in foreign exchange rates on foreign currency denominated debt and working capital balances. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses adjusted net earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
Adjusted EBITDA
EBITDA is a non-GAAP metric used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 12, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D, AQN.IR) announced today that the Board of Directors of APUC (the "Board") approved a dividend increase of U.S. $0.0385 annually per common share to a total dividend of U.S. $0.4235 per common share, paid quarterly at a rate of U.S. $0.1059 per common share.
APUC also announced today that the Board has declared a dividend of U.S. $0.1059 per share on its common shares, payable on July 15, 2016 to the shareholders of record on June 30, 2016 for the period from April 1, 2016 to June 30, 2016. Shareholders can elect to receive the dividend in the amount of Cdn. $0.13613.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the second quarter of 2016.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders, that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting CST Trust Company at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada noon exchange rate on the declaration date.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $5.0 billion North American diversified generation, transmission and distribution utility. The Distribution Group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The Generation Group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. Algonquin Power & Utilities delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit Algonquin Power & Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, May 12, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D, AQN.IR) announced today that the Board of Directors of APUC (the "Board") has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $5.0 billion North American diversified generation, transmission and distribution utility. The Distribution Group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The Generation Group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. Algonquin Power & Utilities delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit Algonquin Power & Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, April 28, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced plans to release 2016 first quarter financial results on Thursday, May 12, 2016 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 13, 2016, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, May 13, 2016
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-888-243-4451 or International: 1-412-542-4135
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
Presentation Access: http://services.choruscall.com/links/aqn160513
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 1-412-317-0088, access code 10084758 from Friday, May 13, 2016 until May 27, 2016.
About Algonquin Power & Utilities Corp.
APUC is a $5 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and Instalment Receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 21, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) ("APUC" or the "Company") announces that certain Officers of the Company purchased 2,720,890 AQN common shares on Wednesday, March 16, Thursday, March 17, and Friday, March 18, 2016 through the exercise of previously issued stock options.
Ian Robertson, Chief Executive Officer acquired 897,029 shares; Chris Jarratt, Vice Chair acquired 789,535 shares; and David Bronicheski, Chief Financial Officer acquired 416,713 shares. Based on the closing price on March 18th, the total value of AQN shares acquired by the officers named above is approximately $22.7 million. A further 617,703 AQN shares were acquired by certain other members of APUC's executive management team through the exercise of stock options, for a total value of shares acquired of approximately $6.7 million. In addition to the acquisition of the above referenced shares, a portion of the cash value associated with other stock options held by these individuals was withheld by the Company for the specific purpose of remitting taxes related to the exercise of the options.
About Algonquin Power & Utilities Corp.
APUC is a $5.0 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and Instalment Receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, March 10, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC" or the "Company") (TSX: AQN, AQN.PR.A, AQN.PR.D) announced today that the Board of Directors of APUC (the "Board") has declared a dividend of U.S. $0.09625 per common share, payable on April 15, 2016 to the shareholders of record on March 31, 2016 for the period from January 1, 2016 to March 31, 2016. Shareholders can elect to receive the dividend in the amount of Cdn $0.1287.
The common share dividend will be paid in cash or, if a shareholder has enrolled in the shareholder dividend reinvestment plan (the "Plan"), dividends will be reinvested in additional shares ("Plan Shares") of APUC as per the Plan, based on equivalent Canadian funds. Plan Shares will be acquired by way of a Treasury Purchase at the average market price as defined in the Plan less a 5% discount for the first quarter of 2016.
Additionally, the Board has declared the following preferred share dividends:
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, APUC hereby notifies its common shareholders, its Series A Preferred Shareholders and its Series D Preferred Shareholders that such dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, shareholders will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered shareholders receive dividend payments in the currency of residency. Registered shareholders may opt to change the payment currency by contacting CST Trust Company at 1-800-387-0825 prior to the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada noon exchange rate on the declaration date.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $4.8 billion North American diversified generation, transmission and distribution utility. The Distribution Group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The Generation Group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. Algonquin Power & Utilities delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and instalment receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR. Visit Algonquin Power & Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.
Financial Highlights
Business Highlights
OAKVILLE, ON, March 10, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) ("APUC") today announced financial results for the fourth quarter and year ended December 31, 2015. APUC's Management's Discussion and Analysis and unaudited consolidated financial statements are available at www.AlgonquinPowerandUtilities.com. All amounts are in Canadian dollars unless otherwise noted.
Financial Review | ||||||||
In millions of Canadian dollars or on a per share basis unless otherwise noted |
Quarterly | Annual | ||||||
Quarter ended December 31, 2015 | Year ended December 31, 2015 | |||||||
2015 | 2014 |
Variance (%) |
2015 | 2014 |
Variance (%) |
|||
Revenue | 260.3 | 259.3 | 0.4 | 1,027.9 | 941.6 | 9.2 | ||
Net earnings from continuing operations |
38.1 | 33.0 | 15.5 | 118.5 | 77.8 | 52.3 | ||
Per share | 0.14 | 0.13 | 7.7 | 0.43 | 0.32 | 34.4 | ||
Adjusted net earnings1 | 39.7 | 35.2 | 12.8 | 121.5 | 88.2 | 37.8 | ||
Per share | 0.15 | 0.14 | 7.1 | 0.46 | 0.37 | 24.3 | ||
Adjusted EBITDA1 | 109.6 | 84.3 | 30.0 | 375.4 | 290.5 | 29.2 | ||
Adjusted Funds from Operations1 | 77.2 | 65.9 | 17.1 | 287.4 | 206.5 | 39.2 | ||
Dividend per share | 0.13 | 0.10 | 30.0 | 0.49 | 0.37 | 32.4 | ||
Electricity Generation (GWh) | 906.7 | 856.5 | 5.9 | 3,134.3 | 3,086.4 | 1.6 | ||
% of Long-Term Average* | 100% | 93% |
* Long-term average excludes thermal generating facilities.
Fourth Quarter and Year End Growth Highlights
Fourth Quarter:
On October 19, 2015, APUC announced an agreement to jointly develop a 150 MW construction stage wind project (the "Deerfield Wind Project") in the United States with Renewable Energy Systems Americas Inc. The Deerfield Wind Project is located in central Michigan and is being constructed at a total project cost that is expected to be approximately U.S. $303.0 million, and an expected commercial operation date of late 2016.
On December 1, 2015, APUC announced the development of a new 75 MW contracted solar generation facility, located in Somerset County Maryland (the "Great Bay Solar Project"). The U.S. $180.0 million facility will be constructed over the next twelve months, with commercial operations expected in late 2016 or early 2017.
In December 2015, APUC announced an agreement to invest in the supply link segment of the Northeast Energy Direct Project, referred to as Northeast Supply Pipeline, a joint venture with subsidiaries of Kinder Morgan. The project is a 30 inch greenfield pipeline with a design capacity of up to 1,200,000 dth/day which will traverse 132 miles from northeastern Pennsylvania to Wright, New York. Total project costs at full design are estimated at approximately U.S. $2.0 billion. APUC has secured a 4% initial participation right, with the option to increase its participation right to 10%.
Full Year 2015:
During 2015, the Distribution Group successfully completed several rate cases, representing a cumulative annual revenue increase of approximately U.S. $20.8 million. Subsequent to the year end, the Distribution Group concluded the New England Natural Gas System rate case which resulted in U.S. $8.3 million in increased rates. The full annualized impact of these rate cases will be realized in 2016.
On April 22, 2015 APUC completed construction of a 23 MW wind generating facility located near Morse, Saskatchewan ("Morse Wind Project"). The facility consists of 10 - 2.3 MW direct drive wind turbine generators installed over 1,120 acres of land. The facility is expected to generate 104 GW-hrs of energy per year which is being sold under a 20 year power purchase agreement with a large investment grade electric utility.
On April 14, 2015 APUC completed final construction of the 20 MW solar generating facility located in Kern County, California ("Bakersfield I Solar Facility"). The facility is comprised of approximately 85,000 solar panels located on 165 acres of land and is expected to generate 53.3 GW-hrs of energy per year which is being sold under a 20 year power purchase agreement with a large investment grade electric utility. Consistent with APUC's commitment to expand its solar generation portfolio, the construction of the 10 MW Bakersfield II Solar Project immediately adjacent to the Bakersfield I Solar Generation Project is estimated to achieve commercial operation in the first half of 2016.
Acquisition of The Empire District Electric Company
On February 9, 2016 APUC announced that it will acquire The Empire District Electric Company ("Empire") (NYSE:EDE) and its subsidiaries (the "Acquisition"). Empire is a Joplin, Missouri based regulated electric, gas, and water utility, collectively serving approximately 218,000 customers in Missouri, Kansas, Oklahoma, and Arkansas.
Also on February 9, 2016, in connection with the acquisition of Empire, APUC and its direct wholly-owned subsidiary, Liberty Utilities (Canada) Corp., entered into an agreement with a syndicate of underwriters under which the underwriters agreed to buy, on a bought deal basis, $1.0 billion aggregate principal amount of 5.00% convertible unsecured subordinated debentures ("Debentures") of APUC (the "Offering"). On March 9, 2016, the Underwriters exercised their option to purchase an additional $150 million of Debentures, bringing the total amount of Debentures sold under the Offering to $1.15 billion. The Debentures are expected to convert to common shares upon the closing of the Empire acquisition. All of the common equity needs for the acquisition of Empire will have been satisfied through the Offering.
"We are very pleased to be delivering record results from APUC for 2015. Our revenues have crested $1 billion for the first time in our history, our Adjusted EBITDA has grown over 29% and our Adjusted Earnings per Share is at an all-time high of $0.46." commented Ian Robertson, Chief Executive Officer of APUC. "We are excited about our prospects to deliver continued growth in 2016 through our extensive power development initiatives and predictable growth in our regulated utility business, including the recent announcement of our acquisition of The Empire District Electric Company in early February."
Earnings Conference Call
APUC will hold an earnings conference call at 10:00 a.m. EST on Friday, March 11, 2016. The call will be hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Date: Friday, March 11, 2015 | |
Start Time: 10:00 a.m. eastern time | |
Phone Number: Toll free within North America: 1-800-319-4610 or Local: 416-915-3239 | |
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call | |
Webcast: Access to the webcast can be found here: | |
https://www.c-meeting.com/web3/meeting_direct_access/34315739 | |
or go to www.c-meeting.com and "Join Meeting" by entering passcode: 34315739 | |
Note that all questions must be asked by dialing in to the conference call. | |
Presentation Slides: Accompanying presentation slides can be accessed on APUC's website at: www.AlgonquinPowerandUtilities.com | |
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 604-674-8052, access code 00302 from Friday, March 11, 2016 until March 18, 2016.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $4.8 billion North American diversified generation, transmission and distribution utility. The distribution business group provides rate regulated water, electricity and natural gas utility services to over 560,000 customers in the United States. The generation business group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The transmission business group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. Algonquin Power & Utilities delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares, preferred shares, and Instalment Receipts are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D, and AQN.IR.
Visit Algonquin Power & Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
For Further Information:
Additional information related to APUC's fourth quarter and year-end financial results can be found on APUC's web site www.AlgonquinPowerandUtilities.com or by contacting APUC Investor Relations.
Caution Regarding Forward-Looking Information and non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "adjusted net earnings", Adjusted EBITDA, and Adjusted Funds from Operations are used in this press release. The terms "adjusted net earnings", Adjusted EBITDA, and Adjusted Funds from Operations are not recognized measures under GAAP. There is no standardized measure of "adjusted net earnings", Adjusted EBITDA, and Adjusted Funds from Operations, consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation and analysis of "adjusted net earnings", Adjusted EBITDA, and Adjusted Funds from Operations can be found in the Management's Discussion & Analysis for the quarter ended December 31, 2015.
Adjusted net earnings
Adjusted net earnings is a non-GAAP metric used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses and are viewed as not directly related to a company's operating performance. Net earnings of APUC can be impacted positively or negatively by gains and losses on derivative financial instruments, including foreign exchange forward contracts, interest rate swaps and energy forward purchase contracts as well as to movements in foreign exchange rates on foreign currency denominated debt and working capital balances. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses adjusted net earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
Adjusted EBITDA
EBITDA is a non-GAAP metric used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
Adjusted Funds from Operations
Adjusted funds from operations is a non-GAAP measure used by investors to compare cash flows from operating activities without the effects of certain volatile items that generally have no current economic impact or items such as acquisition expenses and are viewed as not directly related to a company's operating performance. Cash flows from operating activities of APUC can be impacted positively or negatively by changes in working capital balances, acquisition expenses, litigation expenses cash provided or used in discontinued operations. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses adjusted funds from operations to assess its performance without the effects of (as applicable) changes in working capital balances, acquisition expenses, litigation expenses, cash provided or used in discontinued operations and other typically non-recurring items affecting cash from operations as these are not reflective of the long-term performance of the underlying businesses of APUC. APUC believes that analysis and presentation of funds from operations on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of cash flows from operating activities as determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
OAKVILLE, ON, Feb. 22, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) today announced plans to release 2015 fourth quarter and year-end financial results on Thursday, March 10, 2016 after market close. APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, March 11, 2016, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details are as follows:
Date: Friday, March 11, 2016
Start Time: 10:00 a.m. eastern time
Phone Number: Toll free within North America: 1-800-319-4610 or Local: 416-915-3239
Conference Access: please ask to join the Algonquin Power & Utilities Corp. conference call
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-855-669-9658 or 604-674-8052, access code 00302 from Friday, March 11, 2016 until March 18, 2016.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $4.8 billion North American diversified generation, transmission and distribution utility. The Distribution Group provides rate regulated water, electricity and natural gas utility services to approximately 560,000 customers in the United States. The Generation Group owns a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,100 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D.
Visit APUC at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities
SOURCE Algonquin Power & Utilities Corp.
NEW ORLEANS, Feb. 11, 2016 /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of The Empire District Electric Company ("Empire" or the "Company") (NYSE: EDE) to Algonquin Power & Utilities Corp. (TSX: AQN). Under the terms of the proposed transaction, shareholders of Empire will receive only $34.00 for each share of Empire that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC
OAKVILLE, ON, Jan. 11, 2016 /PRNewswire/ - Algonquin Power & Utilities Corp. ("APUC") (TSX: AQN) announced that, Liberty Utilities, APUC's regulated utility business, has closed a previously announced agreement with Western Water Holdings, a wholly-owned investment of Carlyle Infrastructure, to acquire the regulated water distribution utility Park Water Company ("Park Water").
The acquisition of Park Water was originally announced in September 2014. Park Water owns and operates three regulated water utilities engaged in the production, treatment, storage, distribution, and sale of water in Southern California and Western Montana. The three utilities collectively serve approximately 74,000 customer connections and have more than 1,000 miles of distribution mains.
Total consideration for the utility purchase was U.S. $327 million, which includes the assumption of approximately U.S. $77 million of existing long-term utility debt. This acquisition maintains APUC's strategic business mix and further enhances its investment grade consolidated capital structure.
"The acquisition of Park Water strategically expands our utility presence in the United States," commented Ian Robertson, Chief Executive Officer of APUC. "The acquisition builds on our strong water utility expertise, provides continuing opportunity for organic growth, and increases the proportion of our earnings from long-term, stable utility assets. We look forward to bringing our local and responsive business approach to the communities served by Park Water."
Scotiabank acted as exclusive financial advisor to Algonquin Power & Utilities Corp.
Wells Fargo Securities, LLC acted as financial advisor to Western Water Holdings.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. is a $4.5 billion North American diversified generation, transmission and distribution utility. The Distribution Group operates in the United States and provides rate regulated water, electricity and natural gas utility services to over 560,000 customers. The non-regulated Generation Group owns or has interests in a portfolio of North American based contracted wind, solar, hydroelectric and natural gas powered generating facilities representing more than 1,050 MW of installed capacity. The Transmission Group invests in rate regulated electric transmission and natural gas pipeline systems in the United States and Canada. Algonquin Power & Utilities Corp. delivers continuing growth through an expanding opportunity set of renewable energy development projects, organic growth within its regulated distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective financial position. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
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