08:24 AM EST, 02/26/2025 (MT Newswires) -- Capital Power ( CPXWF ) on Wednesday said its fourth-quarter profit more than doubled on higher electricity generation and an asset sale.

The company said it earned $242 million, or $1.75 per share, in the period, up from $95 million, or $0.74, in the year prior quarter. Funds from operations rose 12% to $182 million.

Revenue fell 13% to $853 million from $984 million, while power production rose 8.2% to 9,408 gigawatt hours.

The results were boosted by the December sale of Capital Power's ( CPXWF ) 49% interests in the Quality Wind facility in British Columbia and the Port Dover and Nanticoke Wind facility in Ontario to Axium Infrastructure, which raised $333 million on a pre-tax basis.

The company also shored up its balance sheet in the quarter with a $460-million bought-deal offering of shares it plans to use to fund acquisitions.

"Our strong financial position means our 2025 capital spend, including the advancement of fully contracted projects and maintenance capital, is fully funded along with our dividend. This strong financial position is driven by our base cash flows that are almost entirely long-term contracted or hedged; our cash on hand derived from selling down renewable assets, and successfully executing our largest ever bought deal equity financing," Chief Financial Officer Sandra Haskins said in a release.

Capital Power ( CPXWF ) shares down $0.84 to $52.24 on the Toronto Stock Exchange.