Algonquin Power & Utilities (AQN.TO, AQN) has turned negative 2% in US premarket -- it was up 0.4% --as it reported Q3 adjusted net earnings Thursday of US$0.08 per share, down from $0.10 a year earlier. Analysts polled by Capital IQ expected $0.09.
Revenue for the quarter ended Sept. 30 was $573.2 million, up from $564.8 million a year earlier. Three analysts surveyed by Capital IQ expected $620.4 million.
The company did say it is "making progress in strategic transition to regulated utility".
For National Bank the bottom line is that the Q3 results show a "slight miss driven by a number of moving pieces", but should be looked over as the longer term outlook is "more important and is becoming more clear." With visibility on AQN's pathway to optimize its regulated business, National Bank keeps an Outperform rating with a US$6.75 per share target based on a DCF with a 7.75% discount rate.
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