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Algonquin Shares Plunge: Posts Mixed Q2, Sells Renewables Energy Business & Cuts Dividend
Algonquin Power & Utilities Corp. (NYSE:AQN) shares are trading lower today after it reported second-quarter FY24 results and disclosed the sale of its renewable energy business.
Q2 Earnings: The company reported revenue of $598.60 million (-5% Y/Y), missing the consensus of $625.00 million. Adjusted EPS of $0.09 exceeded the street view of $0.08.
Adjusted Funds from Operations rose 12% Y/Y to $167.9 million in the quarter.
Dividend Cut: The company has declared a third-quarter 2024 dividend of $0.065 per share, a 40% reduction from the second quarter of 2024, reflecting ...