Pattern Energy Group posted third-quarter 2018 operating loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents. The company reported a loss of 34 cents in the year-ago quarter.
The year-over-year upside was driven by solid top-line growth along with gains on derivatives.
Total Revenues
Total revenues amounted to $118.4 million, which lagged the Zacks Consensus Estimate of $123 million by 3.7%. However, the figure improved 28.6% from $92 million reported in the prior-year quarter.
Quarterly Highlights
Pattern Energy sold 1,622,991 megawatt hours ("MWh") of electricity on a proportional basis in the reported quarter compared with 1,513,997 MWh in the year-ago quarter.
Total operating expenses in the reported quarter increased 25.7% from the year-ago quarter's level to $15.9 million.
The company incurred interest expenses of $27.5 million, up 1.2% from the year-ago quarter's tally.
In the third quarter, Pattern Energy acquired a 51%-owned interest in the 143 MW Mont Sainte-Marguerite project in Québec for a purchase price of $37.7 million. It also completed the sale of operations worth 81 MW interest in the 115 MW El Arrayán project in Chile, for cash proceeds of $70.4 million.
Financial Highlights
As of Sep 30, 2018, the company had cash and cash equivalents of $125.7 million compared with $116.8 million on Dec 31, 2017.
Its long-term debt was $2,105.8 million as of Sep 30, 2018, up from Dec 31, 2017 level of $1,878.7 million.
The company’s cash flow from operating activities in the first nine months of 2018 was $230.5 million, up from $159.3 million in the year-ago period.
Guidance
Pattern Energy reaffirmed targeted annual cash available for distribution for 2018 within $151-$181 million.
Other Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
Zacks Rank
Currently, Pattern Energy Group 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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Pattern Energy Group posted third-quarter 2018 operating loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents. The company reported a loss of 34 cents in the year-ago quarter.
The year-over-year upside was driven by solid top-line growth along with gains on derivatives.
Total Revenues
Total revenues amounted to $118.4 million, which lagged the Zacks Consensus Estimate of $123 million by 3.7%. However, the figure improved 28.6% from $92 million reported in the prior-year quarter.
Quarterly Highlights
Pattern Energy sold 1,622,991 megawatt hours ("MWh") of electricity on a proportional basis in the reported quarter compared with 1,513,997 MWh in the year-ago quarter.
Total operating expenses in the reported quarter increased 25.7% from the year-ago quarter's level to $15.9 million.
The company incurred interest expenses of $27.5 million, up 1.2% from the year-ago quarter's tally.
In the third quarter, Pattern Energy acquired a 51%-owned interest in the 143 MW Mont Sainte-Marguerite project in Québec for a purchase price of $37.7 million. It also completed the sale of operations worth 81 MW interest in the 115 MW El Arrayán project in Chile, for cash proceeds of $70.4 million.
Financial Highlights
As of Sep 30, 2018, the company had cash and cash equivalents of $125.7 million compared with $116.8 million on Dec 31, 2017.
Its long-term debt was $2,105.8 million as of Sep 30, 2018, up from Dec 31, 2017 level of $1,878.7 million.
The company’s cash flow from operating activities in the first nine months of 2018 was $230.5 million, up from $159.3 million in the year-ago period.
Guidance
Pattern Energy reaffirmed targeted annual cash available for distribution for 2018 within $151-$181 million.
Other Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
Zacks Rank
Currently, Pattern Energy Group has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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