Clearway Energy Inc. ( CWEN Quick Quote 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.
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.
Clearway Energy currently carries a Zacks Rank #3 (Hold). You can see
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