NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of 97 cents per unit for the second quarter of 2021. The Zacks Consensus Estimate was for earnings of 67 cents. The firm delivered earnings of 69 cents per unit in the year-ago quarter.
Revenues
In the quarter under review, the firm’s revenues of $253 million missed the Zacks Consensus Estimate of $328 million by 22.9% while the same matched the year-over-year figure.
Highlights of the Release
In the June quarter, NextEra Energy Partners’ total net operating expenses were $183 million, up 11.6% from the year-ago quarter’s $164 million.
In the same period, the partnership’s operating income summed $70 million, down 21.3% from $89 million in the year-ago quarter.
In the reported quarter, the firm agreed to acquire a 590-megawatt portfolio of wind and solar projects from NextEra Energy Resources. It completed a few financing arrangements to fund the announced deals and enhance its financing flexibility.
Financial Condition
NextEra Energy Partners had cash and cash equivalents worth $113 million as of Jun 30, 2021 compared with $108 million as of Dec 31, 2020.
Long-term debt was $3,961 million as of Jun 30, 2021 compared with $3,376 million as of Dec 31, 2020.
Net cash provided by operating activities in the first six months of 2021 was $308 million, higher than $259 million in the comparable period of last year.
Distribution Update
The firm announced the quarterly distribution of 66.25 cents per unit, payable Aug 13 to its unitholders of record as of Aug 5. This brings the annualized rate to $2.65 per unit, marking a 15% hike on a yearly basis.
Guidance
For 2021, the firm reaffirmed its run rate for cash available for distribution (CAFD) guidance at the upper end of the previously projected $600-$680 million range. It also reinstated its adjusted EBITDA atthe upper end of its previously anticipated band of $1.44-$1.62 billion.
The partnership continues to expect 12-15% per year growth for limited partner distributions through 2024.
Zacks Rank
NextEra Energy Partners currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce second-quarter 2021 results on Jul 29. The Zacks Consensus Estimate for earnings per share is pegged at 56 cents.
Pinnacle West Capital (PNW - Free Report) is scheduled to announce second-quarter 2021 results on Aug 5. The Zacks Consensus Estimate for earnings per share is pegged at $1.58.
NRG Energy, Inc. (NRG - Free Report) is scheduled to announce second-quarter 2021 results on Aug 5. The Zacks Consensus Estimate for earnings per share is pegged at $2.69.
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NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of 97 cents per unit for the second quarter of 2021. The Zacks Consensus Estimate was for earnings of 67 cents. The firm delivered earnings of 69 cents per unit in the year-ago quarter.
Revenues
In the quarter under review, the firm’s revenues of $253 million missed the Zacks Consensus Estimate of $328 million by 22.9% while the same matched the year-over-year figure.
Highlights of the Release
In the June quarter, NextEra Energy Partners’ total net operating expenses were $183 million, up 11.6% from the year-ago quarter’s $164 million.
In the same period, the partnership’s operating income summed $70 million, down 21.3% from $89 million in the year-ago quarter.
In the reported quarter, the firm agreed to acquire a 590-megawatt portfolio of wind and solar projects from NextEra Energy Resources. It completed a few financing arrangements to fund the announced deals and enhance its financing flexibility.
Financial Condition
NextEra Energy Partners had cash and cash equivalents worth $113 million as of Jun 30, 2021 compared with $108 million as of Dec 31, 2020.
Long-term debt was $3,961 million as of Jun 30, 2021 compared with $3,376 million as of Dec 31, 2020.
Net cash provided by operating activities in the first six months of 2021 was $308 million, higher than $259 million in the comparable period of last year.
Distribution Update
The firm announced the quarterly distribution of 66.25 cents per unit, payable Aug 13 to its unitholders of record as of Aug 5. This brings the annualized rate to $2.65 per unit, marking a 15% hike on a yearly basis.
Guidance
For 2021, the firm reaffirmed its run rate for cash available for distribution (CAFD) guidance at the upper end of the previously projected $600-$680 million range. It also reinstated its adjusted EBITDA atthe upper end of its previously anticipated band of $1.44-$1.62 billion.
The partnership continues to expect 12-15% per year growth for limited partner distributions through 2024.
Zacks Rank
NextEra Energy Partners currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Xcel Energy (XEL - Free Report) is scheduled to announce second-quarter 2021 results on Jul 29. The Zacks Consensus Estimate for earnings per share is pegged at 56 cents.
Pinnacle West Capital (PNW - Free Report) is scheduled to announce second-quarter 2021 results on Aug 5. The Zacks Consensus Estimate for earnings per share is pegged at $1.58.
NRG Energy, Inc. (NRG - Free Report) is scheduled to announce second-quarter 2021 results on Aug 5. The Zacks Consensus Estimate for earnings per share is pegged at $2.69.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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