04:00 PM EDT, 05/08/2024 (MT Newswires) -- Innergex Renewable Energy ( INGXF ) said Wednesday reported a wider than expected first-quarter loss.

The renewable-power company posted a first-quarter loss attributable to owners of C$37.66 million, or C$0.21 per share, in the period, compared to a loss of $12.03 million, or $0.08, a year earlier and wider than the consensus estimate for a loss of $0.14 per share, as per Capital IQ.

Revenue rose 11% to $242.54 million from $218.33 million.

On guidance, it said full year 2024 Adjusted EBITDA Proportionate and Free Cash Flow per share are expected to be in the range of $725.0 million to $775.0 million, or $0.70 to $0.85, respectively. These projections assume production at 100% of the LTA target as well as 95% asset availability, it added.

Capital IQ has a forecast $738.46 in EBITDA for 2024.

"Our first quarter results were in line with expectations, and we are on track to deliver our full year 2024 targets," said Jean Trudel, Chief Financial Officer.

Innergex shares were last seen down C$0.09 to C$8.64 on the Toronto Stock Exchange.

Price: 8.66, Change: +0.10, Percent Change: +1.23