Wholesale power generation firm ContourGlobal said full year earnings would be ‘modestly’ below expectations thanks to delays in closing out an acquisition in Mexico.
The company reported adjusted earnings before interest, tax, depreciation and amortisation up 19% from $447m to $531.6m for the period 1 January to 30 September.
It said this reflected the full nine-month ownership impact of the Spanish Concentrated Solar Power acquisition completed in May 2018, improved renewable generation offset by a negative currency impact.
Contour said adjusted EBITDA for the nine months to September 30, was up 19% to $531.6m reflecting the full nine month of ownership impact of its Spanish concentrated solar power (CSP) acquisition, a $52m cash gain on the reduction of a minority stake in the CSP assets and improved renewable generation.
“While underlying trading remains inline with expectations, consistent with the delay in closing from Q3 into Q4 of the acquisition of the combined heat and power business, the company now expects the 2019 full year adjusted EBITDA to be modestly below the bottom end of the previous range,” Contour said on Thursday.