11:09 AM EDT, 05/09/2025 (MT Newswires) -- (Adds comment and updates shares.)

Algonquin Power & Utilities ( AQNB ) (AQN.TO, AQN) on Friday said its first-quarter adjusted earnings rose 39% as it recovered income tax related to the sale of its renewable energy business.

Adjusted earnings, excluding most one-time items, climbed to US$111.6 million, or US$0.14 per share, from US$80.1 million, or US$0.11, in the year-prior quarter, including a US$13.4 million income tax recovery. The result beat the US$0.10 earnings per share consensus estimate compiled by FactSet.

The Regulated Services Group also contributed to the earnings increase with the implementation of new rates at several electric, water and gas utilities, the company said.

National Bank of Canada maintained its outperform rating and US$6.25 price target at following the earnings..

The bank noted Algonquin's adjusted income beat its estimate of US$75 million, or US$0.10 per share, adding that the company benefited from weather tailwinds during the period.

Algonquin shares were last seen up $0.505 to $8.115 on the Toronto Stock Exchange.

Price: 8.15, Change: +0.53, Percent Change: +7.03