Q2 2024 Polaris Renewable Energy Inc Earnings Call Transcript
Key Points
- Polaris Renewable Energy Inc (RAMPF) reported a quarterly dividend of $0.15 per share, indicating a commitment to returning value to shareholders.
- The company successfully completed major maintenance on its Nicaragua facility on time and within budget, ensuring operational reliability.
- Production in the Dominican Republic increased due to the replacement program and newly installed panels, reflecting enhanced productivity.
- The Panama Vista Hermosa solar park exceeded management expectations in terms of production, showcasing strong performance.
- Polaris Renewable Energy Inc (RAMPF) is well-positioned financially with a strong cash position and low leverage, enabling potential growth and acquisitions.
- Overall power production decreased to 186,887 megawatt hours from 209,982 megawatt hours in the same period last year, indicating a decline in output.
- Revenue for the quarter was $18.7 million, down from $20.8 million in the same period in 2023, reflecting lower earnings.
- Net earnings attributable to shareholders dropped significantly to $985,000 from $4.6 million in the prior year, indicating reduced profitability.
- Adjusted EBITDA decreased to $13.3 million from $15.7 million in the same period last year, showing a decline in operational efficiency.
- Production in Peru was lower due to early onset of the dry season, impacting overall consolidated production negatively.
Good morning, everyone, and welcome to the Polaris Renewable Energy Incorporated Second Quarter 2024 earnings call. At this time, all participants are in a listen only mode, and we will open for questions following the presentation. If anyone should require operator assistance during the conference, please press star zero on your phone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Anton Angelic, CFO at Polaris, and Tom Virgin fixturing.
Good morning, everyone, and welcome to our call. In addition to our press releases issued earlier today, you can find our financial statements and MD&A on both SEDAR plus at our corporate website players, REA.com. Unless noted otherwise, all amounts referred to are denominated in US dollars. I'd like to remind you that comments made during this call may include forward-looking statements within the meaning of applicable Canadian securities legislation regarding the future performance of Polaris
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