Power utility TransAlta reports Q3 loss, raises full-year financial guidance

CALGARY – TransAlta Corp. raised its guidance for the year as it reported a loss of $456 million in its latest quarter compared with a loss of $136 million in the same quarter last year.

The power utility says the loss amounted to $1.68 per diluted share for the quarter ended Sept. 30 as it faced asset impairment charges and expenses related to its decision to suspend its Sundance 5 repowering project, planned retirements of its Sundance Unit 4 and Keephills Unit 1. It lost 50 cents per diluted share in the same quarter last year.

Revenue in the company’s third quarter totalled $850 million, up from $514 million a year ago.

Funds from operations totalled $297 million or $1.10 per share, up from $193 million or 70 cents per share in the same quarter last year.

In its outlook, TransAlta says it expects comparable earnings before interest, taxes, depreciation and amortization between $1.2 billion and $1.3 billion for the full year, up from earlier guidance for between $1.1 billion and $1.2 billion.

The company also raised its guidance for free cash flow to between $500 million and $560 million compared with its previous outlook for between $440 million and $515 million.

This report by The Canadian Press was first published Nov. 9, 2021.

Companies in this story: (TSX:TA)