By Adriano Marchese
Algonquin Power & Utilities reported a loss in the fourth quarter as the company continues its transition to a pure-play utility company.
Algonquin on Friday posted a net loss of $186.4 million, or 24 cents a share, compared with a profit of $186.3 million, or 26 cents a share, in the comparable quarter a year earlier.
Adjusted earnings were 6 cents a share. According to FactSet, analysts were expecting 9 cents a share.
Revenue fell to $584.8 million from $588.2 million.
In August, the Oakville, Ontario-based company agreed to sell its renewable energy business to a subsidiary of LS Power for $2.5 billion following a strategic review a year earlier. The sale, which closed in January, aims to transform Algonquin into a pure-play regulated utility by simplifying its structure and allowing a greater focus on lower-risk regulated investment opportunities.
At the end of January, Algonquin appointed Rod West, a 25-year industry veteran, to lead the company, succeeding Chris Huskilson as chief executive.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 07, 2025 06:58 ET (11:58 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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