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Clearway Energy (CWEN) Q3 Earnings Miss Mark, Sales Up Y/Y
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Clearway Energy Inc. (CWEN - Free Report) reported third-quarter 2020 earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 73 cents by 57.5%. Earnings for the reported quarter were down 13.9% from the year-ago quarter.
Total Revenues
The company's total revenues for third-quarter 2020 were $332 million, which lagged the Zacks Consensus Estimate of $352 million by 5.7%. However, total revenues improved 12.2% year over year.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
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 third quarter amounted to $209 million, increasing 1.45% from the year-ago period. Operating income was $123 million, up 36.7% from the year-ago level.
Interest expenses for the quarter were $85 million, decreasing 19.8% year over year.
Financial Position
Clearway Energy had cash and cash equivalents of $359 million as of Sep 30, 2020, up from $155 million on Dec 31, 2019. Total liquidity as of Sep 30, 2020 was $973 million, which was higher than the Dec 31, 2019 level of $842 million. The improvement was due to the release of previously restricted distributions from unconsolidated investments impacted by the PG&E bankruptcy, proceeds raised through corporate financings, distributions from non-recourse refinancing, and the proceeds from the residential solar portfolio divestiture.
Long-term debt as of Sep 30, 2020 was $6,357 million, reflecting a 28.3% increase from $4,956 million on Dec 31, 2019.
The company's net cash flow from operating activities for the first nine months of 2020 was $441 million compared with $374 million in the comparable prior-year period.
Guidance
Clearway Energy reaffirmed its 2020 Cash Available for Distribution (CAFD) guidance of $310 million. The company initiated its 2021 CAFD guidance of $325 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #4 (Sell).
NextEra Energy Partners, LP (NEP - Free Report) reported earnings of 76 cents per unit for third-quarter 2020, beating the Zacks Consensus Estimate of 62 cents by 22.6%.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2020 adjusted earnings of 30 cents per share, beating the Zacks Consensus Estimate of 24 cents by 25%.
SolarEdge Technologies (SEDG - Free Report) came out with quarterly earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 82 cents by 47.6%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Clearway Energy (CWEN) Q3 Earnings Miss Mark, Sales Up Y/Y
Clearway Energy Inc. (CWEN - Free Report) reported third-quarter 2020 earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 73 cents by 57.5%. Earnings for the reported quarter were down 13.9% from the year-ago quarter.
Total Revenues
The company's total revenues for third-quarter 2020 were $332 million, which lagged the Zacks Consensus Estimate of $352 million by 5.7%. However, total revenues improved 12.2% year over year.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote
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 third quarter amounted to $209 million, increasing 1.45% from the year-ago period. Operating income was $123 million, up 36.7% from the year-ago level.
Interest expenses for the quarter were $85 million, decreasing 19.8% year over year.
Financial Position
Clearway Energy had cash and cash equivalents of $359 million as of Sep 30, 2020, up from $155 million on Dec 31, 2019. Total liquidity as of Sep 30, 2020 was $973 million, which was higher than the Dec 31, 2019 level of $842 million. The improvement was due to the release of previously restricted distributions from unconsolidated investments impacted by the PG&E bankruptcy, proceeds raised through corporate financings, distributions from non-recourse refinancing, and the proceeds from the residential solar portfolio divestiture.
Long-term debt as of Sep 30, 2020 was $6,357 million, reflecting a 28.3% increase from $4,956 million on Dec 31, 2019.
The company's net cash flow from operating activities for the first nine months of 2020 was $441 million compared with $374 million in the comparable prior-year period.
Guidance
Clearway Energy reaffirmed its 2020 Cash Available for Distribution (CAFD) guidance of $310 million. The company initiated its 2021 CAFD guidance of $325 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 earnings of 76 cents per unit for third-quarter 2020, beating the Zacks Consensus Estimate of 62 cents by 22.6%.
Enphase Energy, Inc. (ENPH - Free Report) reported third-quarter 2020 adjusted earnings of 30 cents per share, beating the Zacks Consensus Estimate of 24 cents by 25%.
SolarEdge Technologies (SEDG - Free Report) came out with quarterly earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 82 cents by 47.6%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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