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.
Clearway Energy (CWEN) Q2 Earnings Top Estimates, Revenues Miss
Read MoreHide Full Article
Clearway Energy Inc. (CWEN - Free Report) recorded second-quarter 2022 operating earnings per share (EPS) of $4.89 per share, which surpassed the Zacks Consensus Estimate of 38 cents by 1,186.8%. The bottom line also improved by 1,530% from the year-ago figure’s tally of 30 cents.
Revenues
Operating revenues of $368 million missed the Zacks Consensus Estimate of $389 million by 5.4%. The top line also decreased by 3.2% from $380 million in the prior-year quarter.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Total operating expenses amounted to $253 million, up 2.4% from the year-ago figure of $247 million due to an increase in operational costs.
Operating income was $1,406 million, up 957.1% from the year-ago figure of $133 million.
In the second quarter, CWEN reported interest expenses of $47 million, down 54.4% year over year.
On May 1, 2022, Clearway Energy completed the sale of 100% of its interests in the Thermal Business to KKR for net proceeds of nearly $1.46 billion. The Thermal disposition resulted in a gain of $1.29 billion. The proceeds from the sale were utilized to repay temporary cash borrowings. On Jun 23, 2022, CWEN entered into a binding agreement to acquire the 413-megawatt portfolio of operating wind projects from Capistrano Wind Partners.
Financial Position
Clearway Energy had cash and cash equivalents of $955 million as of Jun 30, 2022, up from $179 million as of Dec 31, 2021.
Total liquidity as of Jun 30, 2022 was $1,696 million, up 106.6% from the Dec 31, 2021 level of $821 million.
The long-term debt as of Jun 30, 2022 was $6,605 million compared with $6,939 million as of Dec 31, 2021.
Clearway Energy’s net cash provided by operating activities for the first six months of 2022 was $279 million compared with $241 million in the year-ago period.
Guidance
Clearway Energy reaffirmed its 2022 cash available for the distribution (“CAFD”) guidance of $365 million due to closing the sale of Clearway's Thermal Business. CWEN is also increasing its pro forma CAFD outlook expectations to nearly $400 million from $385 million. The company expects its 2022 EBITDA guidance of $1,225 million.
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 55 cents. PNM Resources’ long-term earnings growth is currently pegged at 5%.
Alliant Energy Corp. (LNT - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 after market close. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 58 cents. Alliant Energy’s long-term earnings growth is currently pegged at 5.7%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce first-quarter 2022 results on Aug 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 52 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Clearway Energy (CWEN) Q2 Earnings Top Estimates, Revenues Miss
Clearway Energy Inc. (CWEN - Free Report) recorded second-quarter 2022 operating earnings per share (EPS) of $4.89 per share, which surpassed the Zacks Consensus Estimate of 38 cents by 1,186.8%. The bottom line also improved by 1,530% from the year-ago figure’s tally of 30 cents.
Revenues
Operating revenues of $368 million missed the Zacks Consensus Estimate of $389 million by 5.4%. The top line also decreased by 3.2% from $380 million in the prior-year quarter.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote
Highlights of the Release
Total operating expenses amounted to $253 million, up 2.4% from the year-ago figure of $247 million due to an increase in operational costs.
Operating income was $1,406 million, up 957.1% from the year-ago figure of $133 million.
In the second quarter, CWEN reported interest expenses of $47 million, down 54.4% year over year.
On May 1, 2022, Clearway Energy completed the sale of 100% of its interests in the Thermal Business to KKR for net proceeds of nearly $1.46 billion. The Thermal disposition resulted in a gain of $1.29 billion. The proceeds from the sale were utilized to repay temporary cash borrowings. On Jun 23, 2022, CWEN entered into a binding agreement to acquire the 413-megawatt portfolio of operating wind projects from Capistrano Wind Partners.
Financial Position
Clearway Energy had cash and cash equivalents of $955 million as of Jun 30, 2022, up from $179 million as of Dec 31, 2021.
Total liquidity as of Jun 30, 2022 was $1,696 million, up 106.6% from the Dec 31, 2021 level of $821 million.
The long-term debt as of Jun 30, 2022 was $6,605 million compared with $6,939 million as of Dec 31, 2021.
Clearway Energy’s net cash provided by operating activities for the first six months of 2022 was $279 million compared with $241 million in the year-ago period.
Guidance
Clearway Energy reaffirmed its 2022 cash available for the distribution (“CAFD”) guidance of $365 million due to closing the sale of Clearway's Thermal Business. CWEN is also increasing its pro forma CAFD outlook expectations to nearly $400 million from $385 million. The company expects its 2022 EBITDA guidance of $1,225 million.
Zacks Rank
Clearway Energy 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
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 55 cents. PNM Resources’ long-term earnings growth is currently pegged at 5%.
Alliant Energy Corp. (LNT - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 after market close. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 58 cents. Alliant Energy’s long-term earnings growth is currently pegged at 5.7%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce first-quarter 2022 results on Aug 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 52 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%.