Valener Inc Announces Earnings Results for the Second Quarter and Six Months Ended March 31, 2018
May 10, 2018 at 07:52 am EDT
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Valener Inc. announced earnings results for the second quarter and six months ended March 31, 2018. For the quarter, the company reported net income was $35 million against $32.6 million a year ago. Net income attributable to common shareholders was $33.9 million against $31.5 million a year ago. Adjusted net income attributable to common shareholders was $33.9 million against $32.9 million a year ago. Per common share was $0.87 million against $0.85 million a year ago. Normalized operating cash flows was $14 million against $11.3 million a year ago. Cash flows related to operating activities was $15.1 million against $12.4 million a year ago.
For the six months, the company reported net income was $49.4 million against $56.7 million a year ago. Net income attributable to common shareholders was $47.1 million against $54.5 million a year ago. Adjusted net income attributable to common shareholders was $53.9 million against $53.2 million a year ago. Per common share was $1.38 million against $1.37 million a year ago. Normalized operating cash flows was $25.3 million against $23.5 million a year ago. Cash flows related to operating activities was $27.5 million against $25.7 million a year ago.
Valener Inc. is a Canada-based energy company. The Company holds interests in Gaz Metro Limited Partnership (Gaz Metro), whose core operations are natural gas distribution in Quebec and Vermont, as well as electricity distribution in Vermont. The Company also owns indirect interests in wind farms through its subsidiaries, Valener Eole Inc. and Valener Eole 4 Inc., which have approximately 154 turbines and an installed capacity of 340 megawatts. In Quebec, Gaz Metro has a network of over 10,000 kilometers of underground pipelines serving over 300 municipalities and 200,000 customers. In Vermont, Gaz Metro produces and transports electricity, and distributes electricity and natural gas to over 310,000 customers. Gaz Metro is involved in the development and operation of energy projects, including natural gas as fuel and liquefied natural gas as a replacement to other emission-producing energies, the production of wind power, and the development of biomethane.