Why Algonquin Power & Utilities Plunged 19.4% Friday Morning
Shares of energy company Algonquin Power & Utilities (NYSE: AQN) fell as much as 19.5% in trading on Friday after the company reported third-quarter 2022 financial results. Shares are down 18.7% as of 12:30 p.m. ET and show no signs of bouncing off today's lows.
Revenue was up 26% in the quarter to $666.7 million, and net loss ballooned to $195.2 million, or $0.29 per share. Adjusted net earnings fell 25% to $73.5 million, or $0.11 per share.
Analysts were expecting revenue of $594.8 million and earnings of $0.17 per share, so the top line was better than expected, and the disappointing bottom line is what investors were disappointed by. Management said that higher interest payments and a reduction in tax subsidies were the reason for the shortfall.
Source Fool.com
