We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
NextEra Energy Partners (NEP) Q3 Earnings Top, Revenues Lag
Read MoreHide Full Article
NextEra Energy Partners, LP (NEP - Free Report) delivered third-quarter 2018 earnings of 58 cents per share, surpassing the Zacks Consensus Estimate of 45 cents by 28.9%. The bottom line was also significantly better than the year-ago quarter’s tally of 1 cent.
Revenues
In the quarter under review, NextEra Energy Partners revenues came in at $178 million, missing the Zacks Consensus Estimate of $283 million by 37.1%. Moreover, the top line was down 6.8% on a year-over-year basis. The top line was down year over year on account of lower renewable energy sales.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
In the reported quarter, NextEra Energy Partners’ total adjusted operating expenses were $119 million, down 2.5% year over year.
Recently, NextEra Energy Partners entered into an agreement to buy a portfolio of 11 wind and solar projects from a subsidiary of NextEra Energy Resources, LLC. The total portfolio comprises 1,388 megawatt of wind and solar assets and has cash available for distribution (CAFD) weighted remaining contract life of nearly 18 years. The acquisition is expected to close by fourth-quarter, 2018.
Also, NextEra Energy Partners has announced to expand the pipeline compression capacity on the Texas pipelines by executing a long-term contract with an estimated investment of $115 million.
Financial Condition
NextEra Energy Partners had cash and cash equivalents of $76 million as of Sep 30, 2018 compared with $154 million as of Dec 31, 2017.
Long-term debt was $3,491 million as of Sep 30, 2018 compared with $4,218 million as of Dec 31, 2017.
Net cash from operating activities at the end of nine months in 2018 was $269 million, lower than $293 million in the year-ago period.
During the nine-month period of 2018, the firm’s total capital expenditure was $10 million compared with $342 million invested in the prior-year period.
Guidance
NextEra Energy Partners continues to expect adjusted EBITDA of $1-$1.15 billion for 2018 and cash available for distribution (CAFD) in the range of $360-$400 million.
Alliance Resource Partners, L.P. (ARLP - Free Report) is scheduled to report third-quarter 2018 results on Oct 29. The firm sports a Zacks Rank #1.
Evergy Inc. (EVRG - Free Report) is slated to release third-quarter 2018 results on Nov 7. The company has a Zacks Rank of 1.
Penn Virginia Corporation is set to announce third-quarter 2018 results on Nov 14. The company is a Zacks #1 Ranked player.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
NextEra Energy Partners (NEP) Q3 Earnings Top, Revenues Lag
NextEra Energy Partners, LP (NEP - Free Report) delivered third-quarter 2018 earnings of 58 cents per share, surpassing the Zacks Consensus Estimate of 45 cents by 28.9%. The bottom line was also significantly better than the year-ago quarter’s tally of 1 cent.
Revenues
In the quarter under review, NextEra Energy Partners revenues came in at $178 million, missing the Zacks Consensus Estimate of $283 million by 37.1%. Moreover, the top line was down 6.8% on a year-over-year basis. The top line was down year over year on account of lower renewable energy sales.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
NextEra Energy Partners, LP Price, Consensus and EPS Surprise | NextEra Energy Partners, LP Quote
Quarterly Highlights
In the reported quarter, NextEra Energy Partners’ total adjusted operating expenses were $119 million, down 2.5% year over year.
Recently, NextEra Energy Partners entered into an agreement to buy a portfolio of 11 wind and solar projects from a subsidiary of NextEra Energy Resources, LLC. The total portfolio comprises 1,388 megawatt of wind and solar assets and has cash available for distribution (CAFD) weighted remaining contract life of nearly 18 years. The acquisition is expected to close by fourth-quarter, 2018.
Also, NextEra Energy Partners has announced to expand the pipeline compression capacity on the Texas pipelines by executing a long-term contract with an estimated investment of $115 million.
Financial Condition
NextEra Energy Partners had cash and cash equivalents of $76 million as of Sep 30, 2018 compared with $154 million as of Dec 31, 2017.
Long-term debt was $3,491 million as of Sep 30, 2018 compared with $4,218 million as of Dec 31, 2017.
Net cash from operating activities at the end of nine months in 2018 was $269 million, lower than $293 million in the year-ago period.
During the nine-month period of 2018, the firm’s total capital expenditure was $10 million compared with $342 million invested in the prior-year period.
Guidance
NextEra Energy Partners continues to expect adjusted EBITDA of $1-$1.15 billion for 2018 and cash available for distribution (CAFD) in the range of $360-$400 million.
Zacks Rank
NextEra Energy Partners currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases — Oil & Energy Sector
Alliance Resource Partners, L.P. (ARLP - Free Report) is scheduled to report third-quarter 2018 results on Oct 29. The firm sports a Zacks Rank #1.
Evergy Inc. (EVRG - Free Report) is slated to release third-quarter 2018 results on Nov 7. The company has a Zacks Rank of 1.
Penn Virginia Corporation is set to announce third-quarter 2018 results on Nov 14. The company is a Zacks #1 Ranked player.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>