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Clearway Energy (CWEN) Lags Q3 Earnings & Revenue Estimates

ByZacks Investment Research
Published 11/05/2019, 10:43 PM
Updated 07/09/2023, 06:31 AM

Clearway Energy Inc. (NYSE:CWEN) reported third-quarter 2019 earnings of 36 cents per share, lagging the Zacks Consensus Estimate of 71 cents by 49.3%. However, the reported earnings increased 80% from the year-ago figure of 20 cents.

Total Revenues

The company's total revenues in third-quarter 2019 were $296 million, lagging the Zacks Consensus Estimate of $328 million by 9.8%. However, the top line was up 1.4% from the year-ago reported figure.

Highlights of the Release

Total operating expenses in the quarter amounted to $206 million, increasing 7.3% from the year-ago period.

Operating income in the reported quarter was $90 million, down 11.1% from the year-ago level.

Interest expenses amounted to $106 million, increasing 43.2% from the year-ago period.

Clearway Energy, Inc. Price, Consensus and EPS Surprise

Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote

Financial Position

Clearway Energy had cash and cash equivalents of $148 million as of Sep 30, 2019, down from $407 million on Dec 31, 2018.

Long-term debt as of Sep 30, 2019 was $4,143 million, reflecting a decline of 23.9% from $5,447 million on Dec 31, 2018.

The company's net cash flow from operating activities during the first nine months of 2019 was $374 million compared with $396 million in the comparable prior-year period.

Guidance

Clearway Energy maintained its full-year 2019 cash available for distribution (CAFD) guidance at $250 million. In addition, the company initiated its 2020 CAFD guidance of $295 million.

Other Releases

Avangrid (NYSE:AGR) reported third-quarter 2019 earnings of 40 cents per share, which missed the Zacks Consensus Estimate of 51 cents by 21.6%.

Pattern Energy Group (NASDAQ:PEGI) reported a loss of 53 cents in third-quarter 2019, wider than loss of 13 cents per share in the year-ago period.

PNM Resources (NYSE:PNM) reported third-quarter 2019 earnings of $1.29 per share, beating the Zacks Consensus Estimate of $1.26 by 2.4%.

Zacks Rank

Clearway Energy currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Avangrid, Inc. (AGR): Free Stock Analysis Report

PNM Resources, Inc. (Holding Co.) (PNM): Free Stock Analysis Report

Pattern Energy Group Inc. (PEGI): Free Stock Analysis Report

Clearway Energy, Inc. (CWEN): Free Stock Analysis Report

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