07:59 AM EST, 02/20/2025 (MT Newswires) -- Innergex Renewable Energy ( INGXF ) reported Thursday fourth-quarter earnings that exceeded analyst expectations.

The company booked net earnings of $33.2 million, or $0.14 per share, above the FactSet analyst consensus forecast of $0.10. The result improved from a loss of $122.0 million, or $0.57 per share.

Revenues and production tax credits was $286.1 million, rising from $261.5 million. Adjusted EBITDA increased to $201.1 million from $175.4 million.

"We are extremely pleased with the progress made in the Q4 2024, which reflects our strong execution, strategic growth, and commitment to delivering results," said Michel Letellier, Innergex's president and CEO.

"With a solid foundation, a strong portfolio, and a dedicated team, we are continuing our momentum and building on our success," Letellier said.

For 2025, the company expects to book adjusted EBITDA in the range of $825.0 million to $875.0 million.

Innergex also forecast free cash flow per share between $0.75 and $0.95

Innergex's share price rose 3.2% on Wednesday to $7.70 on the TSX.