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Pattern Energy (PEGI) Loss Narrower than Expected in Q3
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Pattern Energy Group Inc. reported third-quarter 2016 loss of 5 cent per share, narrower than both the Zacks Consensus Estimate of a loss of 11 cents and the year-ago quarter loss of 14 cents.
In the third quarter of 2016, Pattern Energy's revenues of $91.9 million lagged the Zacks Consensus Estimate of $100 million by 8.1%.
However, revenues were up 2.5% from $89.7 million reported a year ago quarter primarily on the back of higher electricity sales (1.8%) and higher related party revenues (64.8%), partially offset by a 13.4% decline in other revenues.
Quarterly Highlights
Total operating expenses were $14.7 million, up 61.5% year over year, primarily due to higher general and administrative expenses.
Operating income in the reported quarter tanked 84% to $2.1 million from $13.1 million in the prior-year quarter.
Interest expenses were $19.8 million, marginally down from the year-ago figure of $19.9 million.
In the first nine months of 2016, Pattern Energy's cash and cash equivalents were $65.7 million, compared with $103.2 million in the prior-year period.
In the first nine months of 2016, net cash from operating activities was $105.4 million, compared with $83.3 million in the year-ago period.
Pattern Energy's capital expenditure in the first nine months of 2016 was $31.6 million, down 90% from $315.9 million in the year-ago period.
Guidance Narrowed
Pattern Energy has narrowed its 2016 guidance of cash available for distribution to the range of $130–$140 million from the previously guided $125–$145 million.
Peer Releases
DTE Energy Company (DTE - Free Report) reported third-quarter 2016 operating earnings per share of $1.96, beating the Zacks Consensus Estimate of $1.54 by 27.3%.
Entergy Corporation (ETR - Free Report) reported third-quarter 2016 operating earnings of $2.31 per share, beating the Zacks Consensus Estimate of $1.95 by 18.5%.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2016 adjusted earnings per share of 70 cents, beating the Zacks Consensus Estimate of 60 cents by 16.7%.
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Pattern Energy (PEGI) Loss Narrower than Expected in Q3
Pattern Energy Group Inc. reported third-quarter 2016 loss of 5 cent per share, narrower than both the Zacks Consensus Estimate of a loss of 11 cents and the year-ago quarter loss of 14 cents.
Revenues
In the third quarter of 2016, Pattern Energy's revenues of $91.9 million lagged the Zacks Consensus Estimate of $100 million by 8.1%.
However, revenues were up 2.5% from $89.7 million reported a year ago quarter primarily on the back of higher electricity sales (1.8%) and higher related party revenues (64.8%), partially offset by a 13.4% decline in other revenues.
Quarterly Highlights
Total operating expenses were $14.7 million, up 61.5% year over year, primarily due to higher general and administrative expenses.
Operating income in the reported quarter tanked 84% to $2.1 million from $13.1 million in the prior-year quarter.
Interest expenses were $19.8 million, marginally down from the year-ago figure of $19.9 million.
PATTERN ENERGY Price, Consensus and EPS Surprise
PATTERN ENERGY Price, Consensus and EPS Surprise | PATTERN ENERGY Quote
Financial Position
In the first nine months of 2016, Pattern Energy's cash and cash equivalents were $65.7 million, compared with $103.2 million in the prior-year period.
In the first nine months of 2016, net cash from operating activities was $105.4 million, compared with $83.3 million in the year-ago period.
Pattern Energy's capital expenditure in the first nine months of 2016 was $31.6 million, down 90% from $315.9 million in the year-ago period.
Guidance Narrowed
Pattern Energy has narrowed its 2016 guidance of cash available for distribution to the range of $130–$140 million from the previously guided $125–$145 million.
Peer Releases
DTE Energy Company (DTE - Free Report) reported third-quarter 2016 operating earnings per share of $1.96, beating the Zacks Consensus Estimate of $1.54 by 27.3%.
Entergy Corporation (ETR - Free Report) reported third-quarter 2016 operating earnings of $2.31 per share, beating the Zacks Consensus Estimate of $1.95 by 18.5%.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2016 adjusted earnings per share of 70 cents, beating the Zacks Consensus Estimate of 60 cents by 16.7%.
Zacks Rank
Pattern Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>