11:24 AM EST, 03/08/2024 (MT Newswires) -- Algonquin Power & Utilities Corp. ( AQNB ) reported Friday an adjusted EPS of US$0.16 in the fourth quarter of 2023, rising year over year from US$0.14.

Revenue fell to US$666.9 million from US$748.0 million and adjusted EBITDA grew 13% to US$334.3 million.

For full-year 2023, Algonquin's adjusted EPS fell 13% to US$0.53 while revenue was down 2% to US$2.70 billion. Adjusted EBITDA increased 4% to US$1.24 billion.

The company declared a dividend of US$0.1085 per share for the fourth quarter of 2023, down 40% year over year. That brought the full-year 2023 dividend to US$0.4340 per share, a 39% decline from last year.

Algonquin said it is not providing an adjusted EPS guidance for 2024, citing the uncertainty regarding the planned sale of its renewable energy business.

"2023 was a decision year for the company, with the termination of the Kentucky Power transaction and announcement of the planned refocusing of the company, including the proposed sale of our renewables business," Interim CEO Chris Huskilson said.

"We expect 2024 to be a transition year as we seek to reposition the company towards a more efficient operating profile and a renewed strategy for the future."

Algonquin at last look rose 2.8% on both the TSX and the NYSE in early Friday trading.

Price: 8.47, Change: +0.24, Percent Change: +2.92