07:53 AM EDT, 05/14/2025 (MT Newswires) -- Boralex ( BRLXF ) on Wednesday reported lower-than-expected earnings for the first quarter, despite better-than-expected revenue, as it highlighted the start of production at the Limekiln Wind Farm, its first operational project in the United Kingdom.

For the first quarter, the company reported basic and diluted earnings per share of $0.29, down from $0.53 a year earlier. That missed a FactSet forecast of $0.42 per share.

Revenue from energy sales and feed-in premium on a combined basis was $267 million, down from $291 million in the year earlier, and above a FactSet forecast of $250 million.

In an update on development and construction activities, Boralex ( BRLXF ) cited the start of production at the 106 MW Limekiln wind farm in Scotland, and "progress" in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges. It noted 129 MW was added to its early stage project pipeline

"Boralex ( BRLXF ) has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential," said President and Chief Executive Patrick Decostre.

"During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favorable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex ( BRLXF ) is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets."

Boralex ( BRLXF ) will provide details on its 2025-2030 strategic plan at its Investor Day, which will be held on June 17 in Toronto. Its shares eased $0.21 at $31.56 on the TSX on Tuesday.