Algonquin Energy & Utilities Corp. (AQN) has reported a web lack of $189.1 million, together with discontinued operations, for the fourth quarter of 2024. This deepened the loss for the 12 months to $1.39 billion.
The corporate’s adjusted web earnings fell 44 p.c year-on-year to $45.2 million for the fourth quarter. In response to the corporate, adjusted web earnings had been negatively affected by the sale of its 42.2 p.c stake in Atlantica Sustainable Infrastructure plc, greater borrowing prices to fund development, greater efficient tax charges, and the settlement of the acquisition contracts underlying the corporate’s inexperienced fairness items.
“The corporate continued to make strides in its transition to a pure-play utility … we efficiently accomplished our Renewables and Atlantica gross sales, and we enter 2025 with a recapitalized stability sheet and vital alternative for enchancment”, Chris Huskilson, the lately changed Chief Govt Officer (CEO) of AQN, mentioned.
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The sale of AQN’s renewable vitality enterprise was accomplished on January 8, 2025. It was divested to a wholly-owned subsidiary of LS Energy for proceeds of roughly $2.1 billion, after subtracting taxes, transaction charges, and different preliminary closing changes, together with an adjustment for estimated remaining completion prices for in-construction belongings.
AQN has appointed a brand new CEO, Roderick West, who took over the corporate’s management on March 7, 2025. Huskilson has stepped down from his place however will proceed to function a director of the corporate.
Moreover, on January 14, 2025, the corporate introduced that Darren Myers would resign as Chief Monetary Officer following the discharge of the fourth quarter 2024 outcomes. The corporate has initiated a seek for a everlasting Chief Monetary Officer. Within the interim, on February 14, 2025, the corporate introduced that Brian Chin, Vice President of Investor Relations, can be appointed as Interim Chief Monetary Officer, efficient March 7, 2025.
“It has been a privilege to guide Algonquin throughout this momentous interval of transformation, and I sit up for seeing optimistic developments on the firm beneath Rod West’s route as he seems to speed up our progress in 2025”, Huskilson mentioned.
To contact the writer, electronic mail andreson.n.paul@gmail.com
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