08:42 AM EDT, 07/31/2024 (MT Newswires) -- Capital Power ( CPXWF ) on Wednesday said second-quarter profit fell 14% on lower electricity prices while it hiked its dividend by 6% and lowered guidance.

The company said it earned $75 million, or $0.51 per share, in the period, down from $87 million, or $0.68 in the year-prior quarter.

Revenue fell 12% to $774 million from $881 million, even as it generated 8,603 gigawatt hours of electricity in the quarter, up 9.5%.

Capital Power ( CPXWF ) lowered its guidance for 2024 adjusted EBITDA to to a range of $1.31 billion to $1.41 billion from its prior range of $1.41 billion to $1.51 billion because of lower power prices in its home market of Alberta and power-plant outages.

"While financial results were in line with expectations for the quarter, we've revised our annual adjusted EBITDA guidance range to $1,310 million to $1,410 million driven by lower Alberta power prices and outages at Genesee during the first half of the year," Chief Financial Officer Sandra Haskins said in a release.

The company on Tuesday said it is raising its annual dividend, paid quarterly, to $2.61 from $2.46. The first higher payout will be made Oct.31 to shareholders of record on Sept.30.

Capital Power ( CPXWF ) shares closed up $0.04 to $41.46 Tuesday on the Toronto Stock Exchange.