Pattern Energy Group (NASDAQ:PEGI) reported a loss of 7 cents in second-quarter 2019 versus earnings of 34 cents per share in the year-ago quarter. The Zacks Consensus Estimate was pegged at earnings per share of 4 cents.
Total Revenues
Second-quarter revenues amounted to $140 million, which lagged the Zacks Consensus Estimate of $153 million by 8.5%. However, the total revenues were on par with the prior-year figure.
Quarterly Highlights
Pattern Energy sold 2,113,864 megawatt hours (MWh) of electricity on a proportional basis compared with 2,262,811 MWh in the year-ago quarter. The 7% decline was primarily caused by volume decreases attributed to divestitures in 2018 and unfavorable wind conditions.
Total operating expenses amounted to $15 million, reflecting a drop of 11.8% from the year-ago level.
The company incurred interest expenses of $25 million compared with $28 million in the year-ago quarter.
Pattern Energy Group Inc. Price, Consensus and EPS Surprise
Pattern Energy Group Inc. price-consensus-eps-surprise-chart | Pattern Energy Group Inc. Quote
Financial Highlights
As of Jun 30, 2019, the company had cash and cash equivalents of $124 million compared with $101 million on Dec 31, 2018.
Its long-term debt was $2,084 million as of Jun 30, 2019, up from the Dec 31, 2018 level of $2,004 million.
The company’s cash flow from operating activities in the first half of 2019 was $75 million, down from $124 million recorded in the comparable year-ago quarter.
Guidance
Pattern Energy reaffirmed 2019 annual cash available for distribution in the range of $160-$190 million. The company also reaffirmed 2020 cash available for distribution in the band of $185-$225 million.
Zacks Rank
Currently, Pattern Energy has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
DTE Energy Company (NYSE:DTE) reported second-quarter 2019 operating earnings per share of 99 cents, which missed the Zacks Consensus Estimate of $1.09 by 9.2%.
Xcel Energy Inc. (NASDAQ:XEL) posted second-quarter 2019 operating earnings of 46 cents per share, which lagged the Zacks Consensus Estimate of 53 cents by 13.21%.
CMS Energy Corp. (NYSE:CMS) reported second-quarter 2019 adjusted EPS of 33 cents, which missed the Zacks Consensus Estimate of 44 cents by 25%.
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Pattern Energy Group Inc. (PEGI): Free Stock Analysis Report
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