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Northland Power Reports Fourth Quarter 2024 Results and Announces 2025 Financial Outlook
Baltic Power, Hai Long and Oneida projects continue to make construction progress TORONTO, ...
About this update from Northland Power Inc.
[{"type":"text","content":"Northland Power Reports Fourth Quarter 2024 Results and Announces 2025 Financial Outlook\n\n\n\n\n\n\n\n Baltic Power, Hai Long and Oneida projects continue to make construction progress\n \n\n\n TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Northland Power Inc. (\n \n “Northland”\n \n or the\n \n “Company”\n \n ) (TSX:\n \n NPI\n \n ) reported today financial results for the three months and year ended December 31, 2024. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated.\n \n\n\n\n Highlights\n \n\n\n\n\n Delivered strong operating results achieving the high end of 2024 financial guidance.\n \n\n Appointed Christine Healy as President, Chief Executive Officer (\n \n “CEO”\n \n ) and Director, who started on January 20, 2025.\n \n\n Continued to make significant progress on the 2.4 GW of construction projects, Baltic Power, Hai Long, and Oneida.\n \n\n Completed the 23 MW upgrade of the Thorold natural gas facility on time and on budget.\n \n\n Positioned for growth with a robust balance sheet and available liquidity of $1.1 billion.\n \n\n Issued 2025 financial guidance with Adjusted EBITDA expected to increase to $1.3 to $1.4 billion, and Adjusted Free Cash Flow and Free Cash Flow expected to be $1.30 to $1.50 and $1.10 to $1.30 per share, respectively.\n \n\n Announced a change in the Dividend Reinvestment Plan (\n \n “DRIP”\n \n ) by eliminating the discount to 0% (previously 3%). The DRIP will be sourced on the market by purchasing shares instead of treasury issuances.\n \n\n\n\n\n\n\n Financial Results\n \n\n\n\n\n\n Revenue from energy sales\n \n of $572 million in the fourth quarter of 2024 decreased from $626 million in 2023. Revenue from energy sales increased on a full-year basis to $2,346 million from $2,233 million in 2023.\n \n\n\n Net income\n \n increased in the fourth quarter of 2024 to $150 million from a net loss of $268 million in 2023 and increased on a full-year basis to $371 million from a net loss of $96 million in 2023.\n \n\n\n Adjusted EBITDA\n \n (a non-IFRS measure) decreased in the fourth quarter to $312 million from $389 million in 2023 and increased on a full-year basis to $1,262 million from $1,240 million in 2023.\n \n\n\n Adjusted Free Cash Flow per share\n \n (a non-IFRS measure) decreased in the...