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Clearway Energy (CWEN) Q1 Earnings Break Even, Sales Rise Y/Y
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Clearway Energy Inc. (CWEN - Free Report) recorded breakeven earnings in the first quarter of 2023 against the Zacks Consensus Estimate of a loss of 12 cents per share. The company reported a loss of 28 cents per share in the year-ago quarter.
Revenues
Total revenues of $288 million surpassed the Zacks Consensus Estimate of $241 million by 19.6%. The top line also improved 34.6% from the year-ago quarter’s level of $214 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA for the quarter totaled $218 million compared with $260 million in the year-ago period.
Total operating expenses amounted to $246 million, down 7.9% from the prior-year quarter’s figure of $267 million. This was due to a decline in cost of operations.
Operating income came in at $42 million against the year- ago quarter’s reported loss of $53 million.
CWEN registered interest expenses of $99 million compared with $47 million in the prior-year period.
Financial Position
Clearway Energy had cash and cash equivalents of $576 million as of Mar 31, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Mar 31, 2023, was $1,574 million, up 15.2% from $1,366 million as of Dec 31, 2022.
Long-term debt as of Mar 31, 2023, was $6,769 million compared with $6,491 million as of Dec 31, 2022.
Net cash provided by operating activities in the first three months of 2023 totaled $75 million compared with $93 million in the corresponding period of 2022.
Guidance
Clearway Energy reaffirmed its 2023 cash available for distribution (“CAFD”) guidance of $410 million.
The company expects adjusted EBITDA of $1,170 million for the same year. Cash from operating activities is anticipated at $808 million.
Permian Resources Corporation (PR - Free Report) is slated to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at 39 cents per share, implying a year-over-year increase of 5.41%.
The consensus mark for 2023 earnings per share (EPS) stands at $1.93, indicating a year-over-year improvement of 29.53%. PR delivered an average earnings surprise of 6.1% in the last four quarters.
Bloom Energy (BE - Free Report) is slated to report first-quarter results on May 9, after market close. The bottom-line estimate is pegged at a loss of 26 cents per share, implying a year-over-year improvement of 18.75%.
The Zacks Consensus Estimate for BE’s 2023 EPS indicates a year-over-year increase of 58.5%. Long term (three to five years) earnings growth rate is pegged at 25%.
Canadian Solar Inc. (CSIQ - Free Report) is scheduled to report first-quarter results on May 18, before market open. The Zacks Consensus Estimate for earnings is pegged at $48 cents per share, indicating a year-over-year increase of 242.9%.
The same for 2023 EPS stands at $5.3, implying a year-over-year improvement of 54.1%. CSIQ delivered an average earnings surprise of 164.3% in the last four quarters.
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Clearway Energy (CWEN) Q1 Earnings Break Even, Sales Rise Y/Y
Clearway Energy Inc. (CWEN - Free Report) recorded breakeven earnings in the first quarter of 2023 against the Zacks Consensus Estimate of a loss of 12 cents per share. The company reported a loss of 28 cents per share in the year-ago quarter.
Revenues
Total revenues of $288 million surpassed the Zacks Consensus Estimate of $241 million by 19.6%. The top line also improved 34.6% from the year-ago quarter’s level of $214 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote
Highlights of the Release
Adjusted EBITDA for the quarter totaled $218 million compared with $260 million in the year-ago period.
Total operating expenses amounted to $246 million, down 7.9% from the prior-year quarter’s figure of $267 million. This was due to a decline in cost of operations.
Operating income came in at $42 million against the year- ago quarter’s reported loss of $53 million.
CWEN registered interest expenses of $99 million compared with $47 million in the prior-year period.
Financial Position
Clearway Energy had cash and cash equivalents of $576 million as of Mar 31, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Mar 31, 2023, was $1,574 million, up 15.2% from $1,366 million as of Dec 31, 2022.
Long-term debt as of Mar 31, 2023, was $6,769 million compared with $6,491 million as of Dec 31, 2022.
Net cash provided by operating activities in the first three months of 2023 totaled $75 million compared with $93 million in the corresponding period of 2022.
Guidance
Clearway Energy reaffirmed its 2023 cash available for distribution (“CAFD”) guidance of $410 million.
The company expects adjusted EBITDA of $1,170 million for the same year. Cash from operating activities is anticipated at $808 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
Permian Resources Corporation (PR - Free Report) is slated to report first-quarter results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at 39 cents per share, implying a year-over-year increase of 5.41%.
The consensus mark for 2023 earnings per share (EPS) stands at $1.93, indicating a year-over-year improvement of 29.53%. PR delivered an average earnings surprise of 6.1% in the last four quarters.
Bloom Energy (BE - Free Report) is slated to report first-quarter results on May 9, after market close. The bottom-line estimate is pegged at a loss of 26 cents per share, implying a year-over-year improvement of 18.75%.
The Zacks Consensus Estimate for BE’s 2023 EPS indicates a year-over-year increase of 58.5%. Long term (three to five years) earnings growth rate is pegged at 25%.
Canadian Solar Inc. (CSIQ - Free Report) is scheduled to report first-quarter results on May 18, before market open. The Zacks Consensus Estimate for earnings is pegged at $48 cents per share, indicating a year-over-year increase of 242.9%.
The same for 2023 EPS stands at $5.3, implying a year-over-year improvement of 54.1%. CSIQ delivered an average earnings surprise of 164.3% in the last four quarters.