Boralex Inc. (TSX: BLX) reported today its financial results for Q1 2021, highlighting $206 million in revenue from energy sales and feed-in premiums. This is a 3% increase from Q1 2020’s $200 million in revenue.
The net earnings for the quarter came in at $38 million, which represents a 13% decline from last year’s net earnings of $44 million. This translates to $0.33 net earnings per share, a 23% drop from the previous year’s $0.43.
The company generated a total of 1,630 GWh of power for the quarter. While this is a 6% increase from last year’s production of 1,533 GWh, the company noted that this is also 1% below the anticipated production.
During Q1 2021, Boralex also added 180MW to its portfolio: 143 MW in solar power and 37 MW in wind power. As of May 4, 2021, the company’s installed capacity is at 2,455 MW. This is expected to increase to 3,058 MW following the addition of construction-ready and under-construction projects, exceeding its 2023 capacity target of 2,800MW.
The company also sold its Blendecques fossil fuel facility in France, making itself a 100% renewable energy producer.
You may see the dull details of Boralex’s Q1 2021 financial results here.
Boralex Inc. last traded at $37.55 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.