TransAlta (TAC) shares plummeted 6.34% in pre-market trading on Thursday following the release of its disappointing third-quarter financial results. The Canadian utility reported widening losses and a decline in revenue, primarily attributed to soft power prices in Alberta.

For the third quarter, TransAlta posted a loss of C$62 million (US$43.9 million), or C$0.20 per share, compared to a loss of C$36 million, or C$0.12 per share, in the same period last year. The company's revenue dropped 3.6% to C$615 million, falling short of analysts' expectations of C$778.3 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at C$238 million, below the mean forecast of C$270 million.

Despite the challenging market conditions, TransAlta's President and CEO John Kousinioris emphasized the company's solid operational performance and resilience. The utility reported increased production of 6,151 gigawatt-hours, up from 5,715 gigawatt-hours in the previous year. However, investors seem concerned about the company's ability to meet its financial targets for the year, given the suppressed power prices in Alberta and the wider-than-expected quarterly loss.