Business
Capital Power reports third quarter results
Strong plant availability and higher Alberta power prices lead to excellent results from ...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\nStrong plant availability and higher Alberta power prices lead to\n excellent results from the Alberta contracted plants \n\n\nEDMONTON, Oct. 25, 2013 /CNW/ - Capital Power Corporation (\"Capital\n Power\", or the \"Company\") (TSX: CPX) today released its financial\n results for the third quarter and nine months ended September 30, 2013.\n The Company also reiterated that it expects to exceed its 2013\n financial guidance for normalized earnings per share and cash flow per\n share.\n\n\nNormalized earnings attributable to common shareholders in the third\n quarter of 2013 were $51 million, or $0.72 per share, compared with $38\n million, or $0.55 per share, in the comparable period of 2012.\n\n\nFunds from operations were $122 million in the third quarter of 2013,\n down 5 per cent from $128 million in the third quarter of 2012. Cash\n flow per share for the quarter was $1.23 compared with $1.31 for the\n same quarter in the previous year.\n\n\nNet income attributable to shareholders in the third quarter of 2013 was\n $44 million, or $0.55 per share, compared with net income attributable\n to shareholders of $39 million, or $0.55 per share, in the comparable\n period of 2012.\n\n\nFor the nine months ended September 30, 2013, normalized earnings\n attributable to common shareholders were $95 million, or $1.35 per\n share, compared with $70 million, or $1.06 per share, in the first nine\n months of 2012. Funds from operations totaled $310 million compared\n with $298 million in the comparable nine-month period last year.\n\n\n\"Third quarter results exceeded management's expectations,\" said Brian\n Vaasjo, President and CEO of Capital Power. \"Normalized earnings of\n $0.72 per share increased significantly from $0.55 per share a year\n ago. Alberta power prices averaged $84 per megawatt hour (MWh) in the\n third quarter compared to $78 per MWh in the third quarter of 2012. The\n combination of the higher average Alberta power prices and nearly 100%\n availability from our Alberta contracted plants resulted in higher\n availability incentive revenues, which in turn led to a strong adjusted\n EBITDA contribution of $55 million for this segment, up 45% compared to\n the same period a year ago.\"\n\n\n\"With Alberta power prices averaging $90 per MWh in the first nine\n months of the year compared to $58 per MWh that was use...