RE:ANOTHER…@ Karen308 - I can see why you're so upset Karen. FCU is up nearly 9% since the New Year while your AQN stock cut it's divident by 40% and lowered forward guidance today. You're never going to make back the money you lost on that plug stock. Regards.
OAKVILLE, Ont. — Algonquin Power and Utilities Corp. slashed its dividend by 40 per cent and said it will look to sell an additional $1 billion in assets as part of a plan to strengthen its financial position.
The company says it will now pay a quarterly dividend of 10.85 cents per share, down from 18.08 cents per share.
Algonquin CEO Arun Banskota says the company has reached an inflection point and, as markets continue to evolve, it must address the challenges facing the business.
The company says proceeds from its asset sales are expected to be used to pay down debt and continue to fund growth.
In its outlook, the company says it expects adjusted net earnings per share, excluding gains or losses on asset sales, of 55 cents to 61 cents for its 2023 financial year.