Boralex Inc. (TSX:BLX) stock traded on the front foot in Monday’s morning trading, up 10%, after quarterly results confirmed a ‘robust’ performance.
It comes despite North American weather challenges, helped by high electricity prices in France and new asset commissioning boosted the company's performance, the company highlighted in a statement.
Second quarter revenue was up 25% to C$210 million, beating analyst forecasts for C$194.5 million, helping earnings improve to C$22 million – or C$0.19 per share, massively outperforming market consensus expectations for C$0.11 per share.
Electricity output for the period was up by 4% thanks to the introduction of additional new wind farms to the active portfolio.
Chief executive Patrick Decostre, meanwhile, pointed to new energy storage ventures as potential new growth opportunities.
“The second quarter also saw the selection of two energy storage projects totalling 380 MW under the Ontario request for proposals,” he said, adding: “This announcement marks a very important milestone for Boralex as we aim to expand our energy storage portfolio and achieve the growth and diversification objectives of our 2025 strategic plan.”
In the market, Boralex stock was up C$3.59 or 12% changing hands at C$33.53, valuing the renewable energy company at around C$3.5 billion.