CALGARY TransAlta Corp. raised its guidance for the year as it reported a loss of $456-million in its latest quarter compared with a loss of $136-million in the same quarter last year.
The power utility says the loss amounted to $1.68 per diluted share for the quarter ended Sept. 30 as it faced asset impairment charges and expenses related to its decision to suspend its Sundance 5 repowering project, planned retirements of its Sundance Unit 4 and Keephills Unit 1. It lost 50 cents per diluted share in the same quarter last year.
Revenue in the company’s third quarter totalled $850-million, up from $514-million a year ago.
Funds from operations totalled $297-million or $1.10 per share, up from $193-million or 70 cents per share in the same quarter last year.
In its outlook, TransAlta says it expects comparable earnings before interest, taxes, depreciation and amortization between $1.2-billion and $1.3-billion for the full year, up from earlier guidance for between $1.1-billion and $1.2-billion.
The company also raised its guidance for free cash flow to between $500-million and $560-million compared with its previous outlook for between $440-million and $515-million.
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