Algonquin Power’s Third-Quarter Profit Falls to $57.6 Million

The company reported earnings of 7 cents a share, down from 9 cents in the comparable quarter last year. It recorded $35.4 million in one-off charges, including $16.6 million in nonrecoverable costs and accruals related to the Mountain View Fire, as well as an $8.3 million loss on assets held for sale.

Earnings at the regulated services group declined to $72.6 million from $103.6 million. The hydro group posted earnings of $2.1 million, compared with $3.3 million a year earlier.

The corporate group’s net loss narrowed to $17.1 million from $35.9 million. The company attributed the improvement primarily to its June repayment of $1.15 billion in debt following a senior note offering.