Capital Power Reports Second Quarter 2017 Results and Announces a 7.1% Dividend Increase for its Common Shares

Capital Power (TSX:CPX) has announced its financial results for the second quarter ended June 30, 2017.
As quoted in the press release:

Net income attributable to shareholders in the second quarter of 2017 was $109 million and basic earnings per share attributable to common shareholders was $1.03 per share, compared with $23 million, or $0.19 per share, in the comparable period of 2016. Normalized earnings attributable to common shareholders in the second quarter of 2017, after adjusting for non-recurring items and fair value adjustments, were $26 million or $0.27 per share compared with $29 million or $0.30 per share in the second quarter of 2016.

Net cash flows from operating activities were $78 million in the second quarter of 2017 compared with $70 million in the second quarter of 2016. Adjusted funds from operations were $47 million in the second quarter of 2017, compared to $79 million in the second quarter of 2016.

For the six months ended June 30, 2017, net income attributable to shareholders was $159 million and basic earnings per share attributable to common shareholders was $1.47 per share compared with $17 million and $0.07 for the six months ended June 30, 2016. For the six months ended June 30, 2017, normalized earnings attributable to common shareholders were $59 million, or $0.61 per share, compared with $61 million, or $0.63 per share, in the first six months of 2016.

Net cash flows from operating activities were $177 million for the six months ended June 30, 2017 compared with $201 million for the six months ended June 30, 2016. Adjusted funds from operations were $138 million for the first six months of 2017, compared to $172 million in the comparable six month period last year.

“Capital Power’s financial results for the second quarter of 2017 were in line with management’s expectations,” said Brian Vaasjo, President and CEO of Capital Power. “Second quarter results benefitted from strong operating performance with average facility availability of 94% and a solid contribution from our portfolio optimization activities. Our trading desk captured an average realized Alberta power price of $52 per megawatt hour (MWh) in the second quarter, well above the average spot price of $19 per MWh.”

Click here to read the full press release.