12:02 PM EDT, 05/07/2025 (MT Newswires) -- (Updates shares.)

TransAlta ( TAC ) shares dropped 2.9% at last look Wednesday after the company reported lower first-quarter adjusted net earnings.

The power producer said its adjusted profit, excluding most one-time items, of $30 million, or $0.10 per share, falling from $128 million, or $0.41, a year earlier, and slightly below the analyst consensus estimate for a profit of $0.11, according to FactSet.

Revenue fell to $758 million from $947 million but beat the analyst consensus sales estimate of $733 million compiled by FactSet.

Adjusted EBITDA slid to $270 million from $342 million. Production rose to 6,832 GWh from 6,178 GWh.

"Our business delivered strong operational performance across the fleet during the first quarter," said chief executive John Kousinioris. "While the company's merchant portfolio in Alberta was partially impacted by softer power prices, our hedging strategy and active asset optimization continued to generate realized prices well above spot prices."

The company reaffirmed its 2025 annual guidance after it delivered strong operational performance in the first quarter.

TransAlta ( TAC ) shares were last seen down $0.36 to $12.09 on the Toronto Stock Exchange.

Price: 11.99, Change: -0.46, Percent Change: -3.69