- Capital Power (CPX) has released its 2021 second-quarter financial results, including updated guidance for the remainder of the year
- The company generated a net income of $17 million over the quarter, with net cash flows from operating activities reaching $129 million
- Based on successful financing in the second quarter, the company has increased its guidance for the year to reflect its focus on growth initiatives
- Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy
- Capital Power Corp. (CPX) is currently down 0.33 per cent, trading at $41.82 per share
Capital Power (CPX) has released its 2021 second-quarter financial results, including updated guidance for the remainder of the year.
The company generated a net income of $17 million over the quarter, with net cash flows from operating activities reaching $129 million.
“Financial results benefitted from higher Alberta power prices,” said Capital Power president and CEO Brian Vaasjo.
“This was partially offset by major outages at the Arlington Valley and Decatur Energy facilities, a stronger Canadian dollar relative to the U.S. dollar and lower wind resource availability at most of our wind facilities.”
During the second quarter, Capital Power completed a $288 million offering and a US$150 million private placement that will be put towards the company’s growth initiatives.
Sandra Haskins, SVP Finance and CFO of Capital Power, also commented on the results.
“Debt and equity financing activities completed to date in 2021 were significant in reducing financing risk related to our growth initiatives,” she said.
“Based on the strong forecast for the remainder of the year driven by a positive outlook for Alberta power prices,” said Mr. Vaasjo, “we have increased our 2021 financial guidance with revised guidance ranges now exceeding the top end of our original targets.”
The company increased its financial guidance for 2021 adjusted EBITDA to a range of C$1.09 million to $1.14 million and adjusted funds from operations (AFFO) to a range of $570 million to $620 million.
Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy.
Capital Power Corp. (CPX) is currently down 0.33 per cent, trading at $41.82 per share as of 10:12 am ET.
