Algonquin Power announces dividends and reflects on a transformative 2023 with strategic shifts
Algonquin Power & Utilities Corp. (AQN), a significant player in the utilities sector, announced its dividends for the first quarter of 2024 and revealed its financial results for the fourth quarter and the entire year of 2023.
For the first quarter of 2024, AQN declared dividends across its common and preferred shares. Common shareholders are set to receive US$0.1085 per share, with the option for Canadian shareholders to receive the equivalent amount of C$0.1468.
These dividends are payable on April 15, to shareholders on record as of March 28. Preferred shareholders of Series A and Series D will receive dividends of C$0.41100 and C$0.31819 per share, respectively, payable on April 1, to those on record by March 15.
AQN emphasized that these dividends would be distributed in cash, noting the suspension of the Dividend Reinvestment Plan (DRIP) for common shares since March 16, 2023.
Additionally, the company outlined options for shareholders regarding the currency of dividend payments, with a focus on facilitating the process for both US and Canadian residents.
AQN's financial results for the fourth quarter and the full year of 2023 reflect a period of significant decisions and adjustments.
Chris Huskilson, the interim chief executive officer, remarked on the challenges and achievements of the past year, including the termination of the Kentucky Power transaction and the strategic move to refocus the company. This refocusing includes the planned sale of AQN's renewables business.
Despite these challenges, AQN reported growth in its Regulated Services Group and successful additions to its renewable energy portfolio, totaling 453 MW of new wind and solar generation.
The financial results revealed a mixed performance, with the fourth quarter showing a 13 percent increase in adjusted EBITDA and an 18 percent increase in adjusted net earnings. However, the annual figures depicted a slight decrease in adjusted net earnings, indicating the impact of various strategic and operational shifts throughout the year.
Looking ahead, AQN announced significant developments, including the simplification of its development activities and the issuance of new financial instruments to support its ongoing operations and strategic initiatives.
However, the company also noted the uncertainty surrounding its financial outlook for 2024, particularly due to the planned sale of its renewable energy business. AQN remains committed to transparency and communication with its shareholders and the broader market.
The company has scheduled an earnings conference call and will be filing its annual consolidated financial statements along with other regulatory documents to provide further details on its performance and strategies.
