Business
Capital Power reports strong second quarter 2013 performance
Company expects to exceed 2013 financial guidance EDMONTON , July 26, 2013 /CNW/ -...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\nCompany expects to exceed 2013 financial guidance\n\n\nEDMONTON, July 26, 2013 /CNW/ - Capital Power Corporation (\"Capital\n Power\", or the \"Company\") (TSX: CPX) today released its financial\n results for the second quarter and six months ended June 30, 2013. The\n Company also announced that it expects to exceed its 2013 financial\n guidance for normalized earnings per share and cash flow per share.\n\n\nNormalized earnings attributable to common shareholders in the second\n quarter of 2013, after adjusting for one-time items and fair value\n adjustments, were $17 million, or $0.24 per share, compared with $5\n million, or $0.07 per share, in the comparable period of 2012.\n\n\nFunds from operations were $85 million in the second quarter of 2013, up\n 57 per cent from $54 million in the second quarter of 2012. Cash flow\n per share for the quarter was $0.86 compared with $0.55 for the same\n quarter in the previous year.\n\n\nNet income attributable to shareholders in the second quarter of 2013\n was $20 million, or $0.20 per share, compared with a net loss of $32\n million, or $0.50 per share, in the comparable period of 2012.\n\n\nFor the six months ended June 30, 2013, normalized earnings attributable\n to common shareholders were $42 million, or $0.60 per share, compared\n with $32 million, or $0.50 per share, in the first six months of 2012.\n Funds from operations totaled $188 million compared with $170 million\n in the comparable six-month period last year.\n\n\n\"Second quarter financial performance exceeded our expectations,\" said\n Brian Vaasjo, President and CEO of Capital Power. \"Normalized earnings\n of $0.24 per share increased significantly from the $0.07 per share a\n year ago and we generated strong cash flow, up 56 per cent from last\n year to $0.86 per share. Financial results benefited from strong\n Alberta power prices in the quarter that averaged $123 per megawatt\n hour (MWh) compared to $40 per MWh for the same period last year and\n resulted in a record quarterly adjusted EBITDA contribution of $114\n million from the Alberta commercial plants and portfolio optimization\n segment.\"\n\n\nThe strong pricing reflects the positive supply and demand dynamics of\n the Alberta power market, which is recognized as one of the most\n attractive power markets in North America. On July 2, 2013, Alberta...