08:04 AM EDT, 05/03/2024 (MT Newswires) -- TransAlta ( TAC ) reported Friday lower attributable net earnings in the first quarter although the results exceeded analyst expectations.

The power generation company booked net profit of $222 million, or $0.72 per share, dropping from $294 million, or $1.10 per share, recorded in the year-ago quarter. The result beat the S&P Capital IQ GAAP EPS consensus estimate of $0.19 for the quarter.

Revenue fell to $947 million from $1.09 billion and adjusted EBITDA slid to $328 million from $503 million.

The company said the results exceeded its expectations given the 30% decline in Alberta spot power prices to $99 per MWh in 2024. The lower spot price was driven by milder weather, lower natural gas prices and incremental generation from the addition of new wind and solar supply in the market.

"We continue to perform well while managing through the evolving markets of our operating portfolio, illustrating the advantage of our diversified fleet," said John Kousinioris, TransAlta's ( TAC ) president and CEO.

TransAlta ( TAC ) said it expects to achieve its 2024 guidance, which includes an adjusted EBITDA target of $1.15 billion to $1.30 billion and annual dividend of $0.24 per share.

TransAlta's ( TAC ) share price was up 1.3% to US$6.84 at last look in U.S. pre-market trading.