Algonquin Power & Utilities Corp. (APUC) announced financial results for the fourth quarter and year ended December 31, 2014. For Q4 2014, revenue was $259.3 million compared to $205.3 million in Q4 2013.
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The increase in revenue is primarily the result of the acquisition of the New England Gas System, higher customer demand at Granite State Electric System and at the EnergyNorth, Midstates, and Peach State Natural Gas Systems, the impact of rate case settlements, increased hydrology and wind resources, and the impact of the stronger U.S. dollar.
For the year 2014, APUC generated revenue of $943.6 million as compared to $675.3 million in 2013.
APUC reported net earnings from continuing operations of $33.1 million or $0.13 per share in the fourth quarter of 2014 compared to net earnings from continuing operations of $19.8 million or $0.09 per share in the fourth quarter of 2013.
APUC reported net earnings from continuing operations of $77.8 million or $0.32 per share for the year 2014 as compared to $62.3 million or $0.28 per share in 2013.
APUC reported adjusted net earnings1 of $35.2 million or $0.14 per share in the fourth quarter of 2014 compared to adjusted net earnings1 of $18.8 million or $0.08 per share in the fourth quarter of 2013.
APUC reported adjusted net earnings1 of $88.4 million or $0.37 per share for the year 2014 as compared to $59.5 million or $0.26 per share in 2013.
In the fourth quarter of 2014, Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (Adjusted EBITDA) was $84.3 million compared to $68.5 million in the fourth quarter of 2013.
The increase was primarily due to acquisitions completed in December 2013, the impact of rate case settlements, increased hydrology and wind resources, and increased demand at the EnergyNorth and Midstates Gas Systems. APUC reported Adjusted EBITDA of $290.6 million for the year 2014 compared to $228.1 million in 2013.
The increase in Adjusted EBITDA1 was primarily due to the full year impact of acquisitions completed in 2013, the impact of rate case settlements, increased customer demand for gas distribution, and an increase in Renewable Energy Credit sales. ■