Power producer TransAlta raises financial outlook for the year, reports Q2 loss

TransAlta Corp. raised its financial outlook for the year as it reported a loss of $12 million in its second quarter.

The power producer says the net loss for the quarter ended June 30 amounted to four cents per diluted share compared with a net loss of $60 million or 22 cents per share a year ago.

Revenue totalled $619 million, up from $437 million in the same quarter last year.

TransAlta says its comparable earnings before interest, taxes, depreciation and amortization amounted to $302 million for the quarter compared with $217 million in the same period in 2020.

In its revised outlook, the company says its comparable EBITDA for its full year is now estimated to be between $1.1 billion and $1.2 billion, up from an earlier forecast of between $960 million and $1.08 billion.

TransAlta also raised its estimate for free cash flow for the year to between $440 million and $515 million, up from an earlier estimate of between $340 million and $440 million.