Q: Hello
Can you comment on AQN earnings and CEO departure?
Thank you
Can you comment on AQN earnings and CEO departure?
Thank you
5i Research Answer:
The departure comes from pressure from activist investors, and is likely a good thing just as investors needed a head to roll following the company's recent issues. The company plans to sell its renewables division and become a pure-play utility. We think this is the right move to enhance value. As for the earnings, EPS of 8c missed estimates of 10c; revenue of $627.8M was 1% better than estimates. EBITDA of $277M was 4.5% short.