11:48 AM EDT, 05/15/2024 (MT Newswires) -- Boralex ( BRLXF ) shares were last seen up 10% after the company on Wednesday reported a "substantial" year-on-year increase in its earnings for the first quarter.

The renewable energy company posted net earnings of $73 million, up $28 million from Q1-2023. Attributable net earnings were $55 million, rising from $33 million. Its per share result was $0.53, up from $0.31.

Revenue from energy sales and feed-in premium slipped to $259 million from $298 million. EBITDA jumped to $195 million from $167 million.

Citing a 17% increase in EBITDA and a 62% increase in net earnings for the first three months of the year, chief executive Patrick Decostre said. "This growth can mainly be attributed to higher wind farm production in North America, the contribution of new facilities commissioned and our strategy to optimize electricity selling prices in France."

Boralex ( BRLXF ) said In the coming quarters it will continue to pursue growth in its various target markets, with teams preparing responses to upcoming tender calls in Quebec, Ontario, New York State, the United Kingdom and France. "This considerable diversity will allow us to pace our growth and focus on the most profitable markets," Decostre added.

Boralex ( BRLXF ) also said it will continue to work on various initiatives under its strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. To fuel its organic growth, the corporation added it has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totaling 6.7 GW of wind, solar and energy storage projects.

The company's shares were last seen up C$3.02 to C$32.37 on the Toronto Stock Exchange.

Price: 32.36, Change: +3.01, Percent Change: +10.26