StockMarketWire.com - ContourGlobal said adjusted earnings rose by more than a fifth in the first quarter of the year, driven by the acquisition of solar power facilities in Spain and improved wind resource and availability.

For the first quarter of 2019, adjusted earnings (EBITDA) rose 23.5% to $147.0m, compared to the prior year.

The earnings jump was primarily due to the acquisition of the 250 MW concentrated solar power facilities in the southwest of Spain in May 2018, which boosted earnings by $31.6m, while improved wind resource and availability, added $5.2m.

But this was partially offset by FX movements in the Euro and Brazilian Real, both of which combined dented earnings by $11.5m. the company said.

The annual dividend was expected to be increased by 10% as the company declared a first quarterly dividend for 2019 of $24.75m, corresponding to 3.6901 USD cents per ordinary share. 

The company also said it expected to close the acquisition of natural-gas fired cogeneration plants in Mexico from Alpek S.A.B. de C.V in the third quarter of 2019. 

As previously disclosed, the acquisition is expected to make an adjusted EBITDA contribution of $110m in its first full year of operations, the company said.


At 9:45am: [LON:GLO] Contourglobal Plc Ord 1p Wi share price was +2.5p at 201.5p



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