Algonquin Power & Utilities Reiterates FY23 Adj. EPS Outlook $0.55 - $0.61 Vs. $0.58 Estimate

Benzinga · 05/11/2023 06:36

Outlook

  • Reiterate Estimated 2023 Adjusted Net Earnings Per Common Share – The Company reiterates its previously-disclosed estimate of Adjusted Net Earnings per common share for the 2023 fiscal year within a range of $0.55-$0.61 (see "Non-GAAP Measures" below).
  • Organic Capital Investment Expectations Maintained With the Kentucky Power Transaction Termination, the Company expects to spend approximately $1 billion on capital investment opportunities in the 2023 fiscal year. Of this amount, approximately $700 million is expected to be spent by the Regulated Services Group and approximately $300 million is expected to be spent by the Renewable Energy Group.
  • Remain Focused on Optimizing Balance Sheet – The Company remains committed to a BBB credit rating and does not expect any new equity financings through 2024.