Clearway Energy (NYSE:CWEN) delivered third-quarter 2018 earnings of 20 cents per share, missing the Zacks Consensus Estimate of 53 cents by 62.3% and also decreasing from the year-ago figure of 27 cents.
Total Revenues
In the reported quarter, Clearway Energy’s revenues came in at $292 million, which lagged the Zacks Consensus Estimate of $295 million by 1%. However, the top line was up 8.6% year over year. This improved performance was primarily boosted by growth in the renewable business.
Highlights of the release
The company's total operating expenses in the third quarter were $192 million compared with $185 million in the year-ago quarter.
Interest expenses came in at $74 million, in line with the year-ago level.
Net income in the reported quarter was $49 million compared with $31 million in the year-ago period.
Clearway Energy is poised to benefit from acquisitions and strategic partnership to expand its operations.
The company’s management approved a 3.4% increase in the quarterly dividend rate, resulting in 15% year-over-year dividend per share growth in 2018.
Clearway Energy, Inc. Price and Consensus
Clearway Energy, Inc. Price and Consensus | Clearway Energy, Inc. Quote
Segment Details
Conventional segment contributed $39 million compared with $36 million in the year-ago quarter.
Renewables segment contributed $55 million compared with $18 million in the prior-year quarter.
Thermal segment contributed $10 million, in line with the year-ago quarter.
Corporate segment reported a loss of $55 million, higher than the year-ago figure of $33 million.
Financial Condition
Clearway Energy had cash and cash equivalents of $232 million as of Sep 30, 2018, up from $148 million on Dec 31, 2017.
Long-term debt as of the same date was $4,928 million, reflecting a decline from $5,659 million on Dec 31, 2017.
The company's net cash flow from operating activities during the first nine months of 2018 was $396 million compared with $373 million recorded in the prior-year period.
Guidance
Clearway Energy reiterated its full-year Adjusted EBITDA guidance of $985 million and Cash Available for Distribution at $285 million. For 2019, the company issued Cash Available for Distribution guidance of $295 million.
Zacks Rank
Clearway Energy currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
Upcoming Releases
CenterPoint Energy, Inc. (NYSE:CNP) will report third-quarter 2018 results on Nov 8. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 41 cents per share.
Chaparral Energy Inc. (NYSE:CHAP) is scheduled to report third-quarter 2018 results on Nov 13. The Zacks Consensus Estimate for the quarter to be reported is pegged at 7 cents per share.
North Oil & Gas, Inc. (NYSE:NOG) will report third-quarter 2018 results on Nov 8. The Zacks Consensus Estimate for the quarter is pegged at 12 cents per share.
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