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Clearway Energy (CWEN) Q3 Earnings & Revenues Miss Estimates

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Clearway Energy Inc. (CWEN - Free Report) reported third-quarter 2021 earnings of 18 cents per share, which lagged the Zacks Consensus Estimate of 70 cents by 74.3%. Earnings were down 41.9% from the prior-year quarter.

Revenues

The company's total revenues for third-quarter 2021 were $351 million, which lagged the Zacks Consensus Estimate of $414 million by 15.2%. Total revenues, however, improved 5.7% year over year.

Clearway Energy, Inc. Price, Consensus and EPS Surprise

Clearway Energy, Inc. Price, Consensus and EPS Surprise

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

Highlights of the Release

Total operating expenses for third-quarter 2021 amounted to $262 million, increasing 25.4% year over year. Operating income was $89 million, down 27.6% year over year.

Interest expenses for the quarter were $84 million, down 1.2% year over year.

The company continues to expand renewable assets through partnerships and acquisitions. It recently executed an agreement to acquire the remaining 50% interest in the 530 MW Utah Solar Portfolio.

On Oct 25, 2021, the company announced that it has entered into a binding agreement to sell the Thermal business to KKR for a total consideration of $1.9 billion, subject to necessary approvals.

Financial Position

It had cash and cash equivalents of $189 million as of Sep 30, 2021, down from $268 million on Dec 31, 2020.

Total liquidity as of Sep 30, 2021 was $898 million, up from the Dec 31, 2020 level of $894 million.

Long-term debt as of Sep 30, 2021 was $7,299 million compared with $6,585 million on Dec 31, 2020.

The company's net cash flow from operating activities for the first nine months of 2021 was $529 million compared with $441 million in the year-ago period.

Guidance

Clearway Energy reaffirmed its 2021 cash available for distribution guidance of $325 million and initiated 2022 view for the same of $395 million.

Zacks Rank

The company currently carries a Zacks Rank #2 (Buy).

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

Other Releases

NextEra Energy Partners, LP (NEP - Free Report) reported earnings of 24 cents per unit for third-quarter 2021, lagging the Zacks Consensus Estimate of 64 cents by 62.5%.

Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 27.6%.

SolarEdge Technologies (SEDG - Free Report) came out with third-quarter earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of $1.38 by 5.1%.

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