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Pattern Energy (PEGI) Q3 Loss Wider Than Expected, Sales Lag

ByZacks Investment Research
Published 11/04/2019, 11:15 PM
Updated 07/09/2023, 06:31 AM

Pattern Energy Group (NASDAQ:PEGI) reported a loss of 53 cents in third-quarter 2019 versus a loss of 13 cents per share in the year-ago period. The Zacks Consensus Estimate was pegged at loss per share of 1 cent.

Total Revenues

Third-quarter revenues amounted to $119 million, which lagged the Zacks Consensus Estimate of $139 million by 14.4%. However, total revenues were 0.9% higher than the prior-year figure.

Quarterly Highlights

Pattern Energy sold 1,735,937 megawatt hours (MWh) of electricity on a proportional basis compared with 1,622,991 MWh in the year-ago quarter. The 7% improvement was primarily caused by volume increases resulting from acquisitions and less favorable wind conditions in 2018.

Total operating expenses amounted to $29 million, reflecting an increase of 81.3% from the year-ago level.

The company incurred interest expenses of $27 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 Sep 30, 2019, the company had cash and cash equivalents of $106 million compared with $101 million on Dec 31, 2018.

Its long-term debt was $2,172 million as of Sep 30, 2019, up from the Dec 31, 2018 level of $2,004 million.

The company’s cash flow from operating activities in the first nine months of 2019 was $118 million, down from $230 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 #2 (Buy).

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

Other Utility Releases

Xcel Energy Inc. (NASDAQ:XEL) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.

FirstEnergy Corporation (NYSE:FE) reported third-quarter 2019 operating earnings of 76 cents per share, which beat the Zacks Consensus Estimate of 73 cents by 4.1%.

NextEra Energy, Inc. (NYSE:NEE) reported third-quarter 2019 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.3%.

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

Xcel Energy Inc. (XEL): Free Stock Analysis Report

FirstEnergy Corporation (FE): Free Stock Analysis Report

NextEra Energy, Inc. (NEE): Free Stock Analysis Report

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Zacks Investment Research

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