EDMONTON – Capital Power Corp. (TSX:CPX) says its funds from operations, cash flow, net income and normalized earnings in the first quarter were all down from a year earlier when the company had especially strong results.
The Edmonton-based power producer, which operates across North America, says its normalized earnings were slightly below management’s expectations but that Capital Power will be able to achieve its 2013 target.
Normalized earnings were 36 cents per share, down from 46 cents per share in the year-earlier quarter and three cents below the consensus estimate.
The normalized earnings totalled $25 million, down from $27 million in the first quarter of 2012.
Its net income attributable to shareholders was $34 million or 44 cents per share, down from $40 million or 64 cents per share.
Funds from operations fell to $103 million from $116 million while cashflow per share dropped to $1.04 from $1.19.
Brian Vaasjo, Capital Power’s president and CEO, said there was a slight improvement in Alberta power prices on the spot market, which rose to $65 per megawatt hour from 60 MWh a year earlier.
Capital Power actually did better than the average spot price, capturing $69 per MWh during the three months ended March 31 — but still below the exceptional performance of our portfolio optimization team in the first quarter of 2012, when the captured price was $83 per MWh.