Algonquin Power boosts dividend as first-quarter adjusted profits rise

OAKVILLE, Ont. – Algonquin Power & Utilities Corp (TSX:AQN) is raising its dividend after reporting stronger first-quarter results.

The company said Thursday that its annual dividend would increase by three cents to 34 cents per share.

Algonquin said adjusted net earnings of $17.8 million compared to $5.5 million a year earlier. The figures don’t factor in things like interest, taxes, depreciation and amortization.

Algonquin credits the increase partly to higher revenues from its acquisition of the New Hampshire gas and electric utility and Midwest gas assets.

The Ontario-based company also points to U.S. wind projects, and increased demand at the electric distribution utility in California.

Revenues increased to $196.7 million from $63.4 million.

Algonquin Power owns and operates a $3-billion portfolio of regulated and non-regulated utilities in North America.