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) Posts Loss in Q1, Revenues Lag
Read MoreHide Full Article
NextEra Energy Partners, LP (NEP - Free Report) incurred first-quarter 2019 loss of 38 cents per unit, against the Zacks Consensus Estimate of earnings of 52 cents. In the year-ago quarter, the partnership delivered earnings of $1.22 per unit.
Revenues
In the quarter, the partnership generated revenues of $177 million that missed the Zacks Consensus Estimate of $316 million by 44%. Moreover, the top line declined 16.5% on a year-over-year basis. The downside was caused by lower sales in the Renewable Energy segment.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
In the quarter, NextEra Energy Partners’ total adjusted operating expenses were $143 million, up 19.2% year over year.
The partnership declared a quarterly distribution of 48.25 cents per common unit, up 15% from prior-year quarter’s figure.
Financial Condition
NextEra Energy Partners had cash and cash equivalents of $127 million as of Mar 31, 2019 compared with $147 million as of Dec 31, 2018.
Long-term debt was $2,719 million as of Dec 31, 2018 compared with $2,728 million as of Dec 31, 2018.
Net cash from operating activities at the end of the first quarter was $19 million, lower than $53 million in the year-ago quarter.
At the end of the quarter, the firm’s total capital expenditure was $3 million compared with $4 million in the year-ago quarter.
Guidance
NextEra Energy Partners continues to expect 12-15% annual growth in limited partner distributions through 2023. The partnership continues to expect 2019 distribution growth at 15%.
The partnership continues to expect adjusted EBITDA of $1.2-$1.375 billion for 2019 and CAFD in the range of $485-$555 million that includes all contributions from PG&E-related projects.
American Electric Power (AEP - Free Report) is scheduled to announce first-quarter 2019 results on Apr 25. The Zacks Consensus Estimate for the company’s earnings is pegged at $1.10.
NextEra Energy, Inc. (NEE - Free Report) is scheduled to announce first-quarter 2019 results on Apr 23. The Zacks Consensus Estimate for earnings is pegged at $2.01.
Dominion Energy Inc. (D - Free Report) is scheduled to announce first-quarter 2019 results on May 3. The Zacks Consensus Estimate for earnings is pegged at $1.18.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
Image: Bigstock
NextEra Energy Partners (NEP) Posts Loss in Q1, Revenues Lag
NextEra Energy Partners, LP (NEP - Free Report) incurred first-quarter 2019 loss of 38 cents per unit, against the Zacks Consensus Estimate of earnings of 52 cents. In the year-ago quarter, the partnership delivered earnings of $1.22 per unit.
Revenues
In the quarter, the partnership generated revenues of $177 million that missed the Zacks Consensus Estimate of $316 million by 44%. Moreover, the top line declined 16.5% on a year-over-year basis. The downside was caused by lower sales in the Renewable Energy segment.
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 quarter, NextEra Energy Partners’ total adjusted operating expenses were $143 million, up 19.2% year over year.
The partnership declared a quarterly distribution of 48.25 cents per common unit, up 15% from prior-year quarter’s figure.
Financial Condition
NextEra Energy Partners had cash and cash equivalents of $127 million as of Mar 31, 2019 compared with $147 million as of Dec 31, 2018.
Long-term debt was $2,719 million as of Dec 31, 2018 compared with $2,728 million as of Dec 31, 2018.
Net cash from operating activities at the end of the first quarter was $19 million, lower than $53 million in the year-ago quarter.
At the end of the quarter, the firm’s total capital expenditure was $3 million compared with $4 million in the year-ago quarter.
Guidance
NextEra Energy Partners continues to expect 12-15% annual growth in limited partner distributions through 2023. The partnership continues to expect 2019 distribution growth at 15%.
The partnership continues to expect adjusted EBITDA of $1.2-$1.375 billion for 2019 and CAFD in the range of $485-$555 million that includes all contributions from PG&E-related projects.
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
American Electric Power (AEP - Free Report) is scheduled to announce first-quarter 2019 results on Apr 25. The Zacks Consensus Estimate for the company’s earnings is pegged at $1.10.
NextEra Energy, Inc. (NEE - Free Report) is scheduled to announce first-quarter 2019 results on Apr 23. The Zacks Consensus Estimate for earnings is pegged at $2.01.
Dominion Energy Inc. (D - Free Report) is scheduled to announce first-quarter 2019 results on May 3. The Zacks Consensus Estimate for earnings is pegged at $1.18.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>