Algonquin Power chalks up fourth quarter earnings increase

OAKVILLE, Ont. – Algonquin Power & Utilities Corp (TSX: AQN) is reporting a slight increase in fourth quarter earnings compared to the previous year.

Algonquin says its earnings for the quarter that ended Dec. 31 were $33.4 million compared to $24.3 million in the same period in the previous year.

The figures don’t factor in things like interest, taxes, depreciation and amortization.

Algonquin credits the increase 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.

It’s reporting earnings of $106.2 million overall for 2012 compared to $103.7 million in 2011.

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