Algonquin Power & Utilities Corp. reported a net loss of $89.1 million to its shareholders in the first quarter, a significant drop compared to the profit of $270.1 million from the same period last year. The loss per share was estimated at $0.13, compared to the previous year's profit-per-share of $0.39. After adjusting, the profit per share also fell to $0.14, down from $0.17. Eight analysts surveyed by Thomson Reuters had initially projected a per-share profit of $0.15 for the quarter. These estimates typically do not account for any extraordinary items. The company's revenue for the first quarter was $737.1 million, representing a 5% decline compared to the previous year.
In other news, the company's Board of Directors announced the appointment of Chris Huskilson as the Chief Executive Officer, effective immediately. Huskilson has served as Interim CEO since August 2023 and will maintain his position on the Board.
