Northland Power Inc (OTCPK:NPIFF)
$ 14.44 -0.115 (-0.79%) Market Cap: 3.72 Bil Enterprise Value: 8.76 Bil PE Ratio: 90.25 PB Ratio: 1.24 GF Score: 76/100
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Q2 2024 Northland Power Inc Earnings Call Transcript

Aug 15, 2024 / 02:00PM GMT
Release Date Price: $16.93 (-1.71%)

Key Points

Positve
  • Northland Power Inc (NPIFF) reported a strong second quarter with an adjusted EBITDA of $268 million, up $36 million from the same quarter in 2023.
  • The company reaffirmed its 2024 financial guidance, projecting results at the higher end of the disclosed range due to strong operating performance.
  • Significant progress was made on major construction projects, including Hai Long and Baltic Power offshore wind projects, and the Oneida battery energy storage project.
  • Northland Power Inc (NPIFF) successfully completed the sale of the 130-megawatt La Lucha Solar Facility in Mexico, focusing on core markets.
  • The company has a robust development pipeline of 9 gigawatts and continues to pursue growth in core markets like Alberta, Ontario, and New York.
Negative
  • Gemini experienced an unplanned outage at one of its two export cables, although insurance is expected to cover most repair costs.
  • Higher operating costs were reported at offshore wind facilities due to increased maintenance, impacting overall expenses.
  • The company faced an administrative breach related to debt covenants, although it was rectified by the time of the earnings call.
  • There are ongoing risks and uncertainties related to the completion of major construction projects, particularly with seasonal challenges.
  • The CEO search is still ongoing, creating some uncertainty in leadership continuity.
Operator;John

Welcome to the Northland Power conference call to discuss the second-quarter 2024 results. As a reminder, this conference is being recorded on Thursday, August 15, 2024, at 10:00 AM Eastern. Conducting this call for Northland Power, are John Brace, Executive Chair; and Adam Beaumont, Interim Chief Financial Officer.

Before we begin, Northland's management has asked me to remind listeners that all figures presented are in Canadian dollars and to caution that certain information presented and responses to questions may contain forward-looking statements, that include assumptions and are not subject to various risks. Actual results may differ materially from management's expected or forecasted results. Please read the Forward-Looking Statements section in yesterday's news release announcing Northland Power's results and be guided by its contents when making investment decisions or recommendations. The release is available at www.northlandpower.com.

I will now turn the call over to Mr. John Brace.

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