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Pattern Energy (PEGI) Beats Earnings, Misses on Revenues
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Pattern Energy Group Inc. reported second-quarter 2016 earnings of 1 cent per share, beating the Zacks Consensus Estimate of breakeven earnings. Reported earnings were, however, lower than the prior-year figure of 16 cents.
In the second quarter of 2016, Pattern Energy's revenues of $93.4 million lagged the Zacks Consensus Estimate of $112 million by 16.6%.
However, revenues were up 10.3% from $84.7 million reported a year ago quarter primarily on the back of higher electricity sales (10.2%) and higher related party revenue (53%),partly offset by a 20.7% decline in other revenues.
Quarterly Highlights
Total operating expenses were $12.3 million, up 17.1% year over year, primarily due to higher general and administrative expenses.
Operating income in the reported quarter tanked 65.6% to $4.1 million from $11.9 million in the prior-year quarter.
Interest expenses were $21.3 million, up12.7% from the year-ago figure of $18.9 million.
As of Jun 30, 2016, Pattern Energy's cash and cash equivalents were $87.6 million, compared with $94.8 million as of Dec 31, 2015.
In the first six months of 2016, net cash from operating activities was nearly $69 million, compared with $48.6 million in the year-ago period.
Pattern Energy's capital expenditure in the first six months of 2016 was $25.9 million, down 88% from $216.5 million in the year-ago period.
Guidance
Pattern Energy reiterated its annual guidance of cash available for distribution atthe range of $125–$145 million.
Other Releases
NiSource Inc.(NI - Free Report) reported second-quarter 2016 operating earnings of 8 cents per share, surpassing the Zacks Consensus Estimate of 7 cents by 14.3%.
FirstEnergy Corporation (FE - Free Report) announced second-quarter 2016 operating earnings of 56 cents per share, beating the Zacks Consensus Estimate of 53 cents by 5.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2016 adjusted earnings of $1.67 per share, outpacing the Zacks Consensus Estimate of $1.58 by 5.7%.
Zacks Rank
Pattern Energy currently holds a Zacks Rank #3 (Hold).
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Pattern Energy (PEGI) Beats Earnings, Misses on Revenues
Pattern Energy Group Inc. reported second-quarter 2016 earnings of 1 cent per share, beating the Zacks Consensus Estimate of breakeven earnings. Reported earnings were, however, lower than the prior-year figure of 16 cents.
Revenues
In the second quarter of 2016, Pattern Energy's revenues of $93.4 million lagged the Zacks Consensus Estimate of $112 million by 16.6%.
However, revenues were up 10.3% from $84.7 million reported a year ago quarter primarily on the back of higher electricity sales (10.2%) and higher related party revenue (53%),partly offset by a 20.7% decline in other revenues.
Quarterly Highlights
Total operating expenses were $12.3 million, up 17.1% year over year, primarily due to higher general and administrative expenses.
Operating income in the reported quarter tanked 65.6% to $4.1 million from $11.9 million in the prior-year quarter.
Interest expenses were $21.3 million, up12.7% from the year-ago figure of $18.9 million.
PATTERN ENERGY Price, Consensus and EPS Surprise
PATTERN ENERGY Price, Consensus and EPS Surprise | PATTERN ENERGY Quote
Financial Position
As of Jun 30, 2016, Pattern Energy's cash and cash equivalents were $87.6 million, compared with $94.8 million as of Dec 31, 2015.
In the first six months of 2016, net cash from operating activities was nearly $69 million, compared with $48.6 million in the year-ago period.
Pattern Energy's capital expenditure in the first six months of 2016 was $25.9 million, down 88% from $216.5 million in the year-ago period.
Guidance
Pattern Energy reiterated its annual guidance of cash available for distribution atthe range of $125–$145 million.
Other Releases
NiSource Inc.(NI - Free Report) reported second-quarter 2016 operating earnings of 8 cents per share, surpassing the Zacks Consensus Estimate of 7 cents by 14.3%.
FirstEnergy Corporation (FE - Free Report) announced second-quarter 2016 operating earnings of 56 cents per share, beating the Zacks Consensus Estimate of 53 cents by 5.7%.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2016 adjusted earnings of $1.67 per share, outpacing the Zacks Consensus Estimate of $1.58 by 5.7%.
Zacks Rank
Pattern Energy currently holds a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>