Valener Inc Reports Earnings Results for the First Quarter Ended December 31, 2017; Provides CapEx Guidance for 2018
February 09, 2018 at 10:34 am EST
Share
Valener Inc. reported earnings results for the first quarter ended December 31, 2017. For the period, the company has posted net income of $14.4 million against $24.1 million a year ago. Net income attributable to common shareholders was $13.2 million against $23.0 million a year ago. Adjusted net income attributable to common shareholders was $20.0 million or $0.51 per share against $20.3 million or $0.52 per share a year ago. Normalized operating cash flows were $11.3 million or $0.29 per share against $12.2 million or $0.32 per share a year ago. Cash flow from operating activities was $12.4 million compared to $13.3 million a year ago. CapEx totaled $126 million and included investment in SSI towards development of solar parks as well as maintenance capital expenses.
The company continues to expect fiscal 2018 CapEx to range between $535 million and $560 million, including investments in affiliates as the company continue investing in securing and reinforcing network and supporting Standard Solar's expansion initiative.
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.
VALENER INC