Pattern Energy Q3 Loss Widens, Increases Dividend

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEG.TO) Thursday said its attributable net loss for the third quarter widened to $29.41 million from last year's $7.21 million.

The widening of the loss was primarily due to other expense items associated with Gulf Wind's early extinguishment of debt and termination of associated interest rate instruments.

Loss per share per Class A common stock was $0.40, compared to $0.15 last year. On average, nine analysts polled by Thomson Reuters expected a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue climbed 25 percent to $89.7 million from $71.5 million in the prior year. Analysts expected revenues of $87.20 million.

Further, Pattern Energy declared an increased dividend of $0.372 per Class A share for the fourth quarter 2015, payable on January 29, 2016, to holders of record on December 31, 2015. This is a 2.5 percent increase from the third quarter 2015 dividend of $0.363.