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Clearway Energy (CWEN) Q2 Earnings & Revenues Miss Estimates
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Clearway Energy Inc. (CWEN - Free Report) reported second-quarter 2020 earnings of 41 cents per share, which missed the Zacks Consensus Estimate of 71 cents by 42.2%. In the year-ago quarter, the company reported a loss of 22 cents per share.
Total Revenues
The company's total revenues for second-quarter 2020 were $329 million, which lagged the Zacks Consensus Estimate of $339 million by 2.9%. However, total revenues improved 15.8% year over year.
Highlights of the Release
On Apr 20, Clearway Energy announced that it has entered into binding agreements with Clearway Group that will enable the former to acquire and invest in a portfolio of renewable energy projects, as well as expand the clean power generation portfolio.
Total operating expenses for the second quarter amounted to $199 million, increasing 1.01% from the year-ago period. Operating income was $130 million, up 49.4% from the year-ago level.
Interest expenses for the quarter were $93 million, decreasing 28.5% year over year.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy had cash and cash equivalents of $175 million as of Jun 30, 2020, up from $155 million on Dec 31, 2019. Total liquidity as of Jun 30, 2020 was $855 million, which was higher than the Dec 31, 2019 level of $842 million. The improvement was due to proceeds raised through the company's ATM program during 2020 and from the residential solar portfolio divestiture, along with the offering of additional Senior Notes due 2028.
Long-term debt as of Jun 30, 2020 was $6,377 million, reflecting a 28.7% increase from $4,956 million on Dec 31, 2019.
The company's net cash flow from operating activities for first-half 2020 was $184 million compared with $150 million in the comparable prior-year period.
Guidance
Clearway Energy reaffirmed its 2020 Cash Available for Distribution (CAFD) guidance of $310 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #4 (Sell).
NextEra Energy Partners, LP (NEP - Free Report) reported second-quarter 2020 earnings of 69 cents, which surpassed the Zacks Consensus Estimate of 50 cents by 38%.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2020 adjusted loss of 38 cents per share against the Zacks Consensus Estimate of earnings of 6 cents.
SolarEdge Technologies (SEDG - Free Report) came out with quarterly earnings of 97 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 40.6%.
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Clearway Energy (CWEN) Q2 Earnings & Revenues Miss Estimates
Clearway Energy Inc. (CWEN - Free Report) reported second-quarter 2020 earnings of 41 cents per share, which missed the Zacks Consensus Estimate of 71 cents by 42.2%. In the year-ago quarter, the company reported a loss of 22 cents per share.
Total Revenues
The company's total revenues for second-quarter 2020 were $329 million, which lagged the Zacks Consensus Estimate of $339 million by 2.9%. However, total revenues improved 15.8% year over year.
Highlights of the Release
On Apr 20, Clearway Energy announced that it has entered into binding agreements with Clearway Group that will enable the former to acquire and invest in a portfolio of renewable energy projects, as well as expand the clean power generation portfolio.
Total operating expenses for the second quarter amounted to $199 million, increasing 1.01% from the year-ago period. Operating income was $130 million, up 49.4% from the year-ago level.
Interest expenses for the quarter were $93 million, decreasing 28.5% year over year.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote
Financial Position
Clearway Energy had cash and cash equivalents of $175 million as of Jun 30, 2020, up from $155 million on Dec 31, 2019. Total liquidity as of Jun 30, 2020 was $855 million, which was higher than the Dec 31, 2019 level of $842 million. The improvement was due to proceeds raised through the company's ATM program during 2020 and from the residential solar portfolio divestiture, along with the offering of additional Senior Notes due 2028.
Long-term debt as of Jun 30, 2020 was $6,377 million, reflecting a 28.7% increase from $4,956 million on Dec 31, 2019.
The company's net cash flow from operating activities for first-half 2020 was $184 million compared with $150 million in the comparable prior-year period.
Guidance
Clearway Energy reaffirmed its 2020 Cash Available for Distribution (CAFD) guidance of $310 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy Partners, LP (NEP - Free Report) reported second-quarter 2020 earnings of 69 cents, which surpassed the Zacks Consensus Estimate of 50 cents by 38%.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2020 adjusted loss of 38 cents per share against the Zacks Consensus Estimate of earnings of 6 cents.
SolarEdge Technologies (SEDG - Free Report) came out with quarterly earnings of 97 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 40.6%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>