10/25/2013 07:48 EDT | Updated 01/23/2014 06:58 EST

Capital Power net earnings flat in Q3; revenues dip to $380 million

EDMONTON - Capital Power Corp. (TSX:CPX) has reported relatively flat net earnings in the third quarter as revenue dipped.

The Edmonton-based independent power producer says net income attributable to shareholders in the three month ended Sept. 30 was $44 million or 51 cents per diluted share.

That compared with $39 million, or 55 cents per diluted share, in the same year-earlier period.

Revenue fell to $380 million from $394 million.

Meanwhile, normalized earnings — earnings before finance expense, income tax expense, depreciation and amortization, impairments and foreign exchange losses — increase to 72 cents per share from 55 cents in the year earlier period which "exceeded management's expectations," said president and CEO Brian Vaasjo.

"With Alberta power prices averaging $90 per megawatt hour in the first nine months of the year compared to $58 per MWh that was used to develop our 2013 financial targets, Capital Power remains on track to exceed our 2013 financial targets," Vaasjo added.

Capital Power is a North American independent power producer whose portfolio includes ownership in a number of operating facilities in Canada and the United States as well as projects under development.