Algonquin Power & Utilities Corp. has appointed Chris Huskilson as its new chief executive officer while revealing a loss in its most recent financial quarter. Huskilson, who has served as interim CEO since August 2023, now takes the helm of the company.
In the quarter ending March 31, the power utility, which operates in U.S. dollars, reported a loss of US$89.1 million, translating to 13 cents US per share for its shareholders. This marks a significant contrast from the same period last year when Algonquin recorded a profit of US$270.1 million or 39 cents US per share.
The company's revenue for this quarter dipped to US$737.1 million compared to US$778.6 million in the first quarter of 2023, reflecting a downward trend.
Adjusting for certain factors, Algonquin disclosed that it earned 14 cents US per share in its latest quarter, down from an adjusted profit of 17 cents US per share in the corresponding period a year ago.
Algonquin Power & Utilities Corp. operates in both the United States and Canada, providing essential services in the energy sector. The appointment of Chris Huskilson as CEO comes amidst a challenging financial landscape, with the company grappling with losses in the face of shifting market dynamics.
The transition in leadership signifies a strategic move for Algonquin, as it seeks to navigate through these financial challenges and adapt to evolving industry conditions. Investors and stakeholders will likely closely monitor the company's performance under Huskilson's leadership in the coming quarters, as it endeavors to regain profitability and drive sustainable growth.
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