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) Q4 Earnings Surpass Estimates, Sales Lag
Read MoreHide Full Article
Clearway Energy Inc. (CWEN - Free Report) recorded fourth-quarter 2023 earnings of 32 cents per share, which surpassed the Zacks Consensus Estimate of 16 cents by 100%. The bottom line also improved 220% from the year-ago quarter’s level of 10 cents.
Full-year 2023 earnings were 67 cents per share, down 86.6% from the previous year’s level of $4.99.
Revenues
Total revenues of $249 million missed the Zacks Consensus Estimate of $284 million by 12.2%. The top line also declined 7.1% from the year-ago quarter’s figure of $268 million.
Full-year 2023 revenues totaled $1.31 billion, up 10.1% from the previous year’s $1.19 billion.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA for the quarter totaled $201 million compared with $212 million in the year-ago period.
The company signed contracts in the last twelve months, ensuring that 42% of the Resource Adequacy for Marsh Landing, Walnut Creek and El Segundo is contracted in 2027, with nearly 100% contracted through 2026.
Total operating costs and expenses for the full year amounted to $1.05 billion, up 3.9% from the previous year’s figure of $1.01 billion. This was due to an increase in the cost of operations.
Operating income for the full year came in at $263 million compared with the previous year’s $1.47 billion.
CWEN incurred interest expenses of $337 million compared with $232 million in the previous year.
Financial Position
Clearway Energy had cash and cash equivalents of $535 million as of Dec 31, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Dec 31, 2023, was $1.5 billion, up 9.5% from $1.37 billion recorded as of Dec 31, 2022.
Long-term debt as of Dec 31, 2023, amounted to $7.48 billion compared with $6.49 million as of Dec 31, 2022.
Net cash provided by operating activities in 2023 totaled $702 million compared with $787 million in 2022.
The first-quarter 2024 quarterly dividend increased 1.7% to 40.33 cents per share. The company expects annual dividend per share growth in the upper range of 5-8% through 2026.
Guidance
The company expects 2024 net income and Adjusted EBITDA to be $90 million and $1.17 billion, respectively.
Cash from Operating Activities is expected to be $830 million for the same period.
Clearway Energy reaffirmed its 2024 cash available for distribution (CAFD) guidance of $395 million.
NextEra Energy Partners, LP (NEP - Free Report) recorded fourth-quarter 2023 operating loss of 35 cents per unit, which missed the Zacks Consensus Estimate of earnings of 3 cents per unit.
The consensus estimate for 2024 EPS is pegged at 61 cents, implying a year-over-year increase of 79.4%. NEP has a long-term earnings growth rate of 14.72%.
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2023 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 151.9%.
The consensus estimate for 2024 EPS is pinned at $1.52, implying a year-over-year decrease of 20%. CNX has a long-term earnings growth rate of 5.56%.
Arch Resources Inc. (ARCH - Free Report) reported fourth-quarter 2023 operating EPS of $6.07, which missed the Zacks Consensus Estimate of $6.90 by 12%.
The consensus estimate for 2024 earnings is pegged at $23.25, implying a year-over-year decrease of 3.9%. The consensus mark for 2024 sales is pinned at $2.89 billion.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Clearway Energy (CWEN) Q4 Earnings Surpass Estimates, Sales Lag
Clearway Energy Inc. (CWEN - Free Report) recorded fourth-quarter 2023 earnings of 32 cents per share, which surpassed the Zacks Consensus Estimate of 16 cents by 100%. The bottom line also improved 220% from the year-ago quarter’s level of 10 cents.
Full-year 2023 earnings were 67 cents per share, down 86.6% from the previous year’s level of $4.99.
Revenues
Total revenues of $249 million missed the Zacks Consensus Estimate of $284 million by 12.2%. The top line also declined 7.1% from the year-ago quarter’s figure of $268 million.
Full-year 2023 revenues totaled $1.31 billion, up 10.1% from the previous year’s $1.19 billion.
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 $201 million compared with $212 million in the year-ago period.
The company signed contracts in the last twelve months, ensuring that 42% of the Resource Adequacy for Marsh Landing, Walnut Creek and El Segundo is contracted in 2027, with nearly 100% contracted through 2026.
Total operating costs and expenses for the full year amounted to $1.05 billion, up 3.9% from the previous year’s figure of $1.01 billion. This was due to an increase in the cost of operations.
Operating income for the full year came in at $263 million compared with the previous year’s $1.47 billion.
CWEN incurred interest expenses of $337 million compared with $232 million in the previous year.
Financial Position
Clearway Energy had cash and cash equivalents of $535 million as of Dec 31, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Dec 31, 2023, was $1.5 billion, up 9.5% from $1.37 billion recorded as of Dec 31, 2022.
Long-term debt as of Dec 31, 2023, amounted to $7.48 billion compared with $6.49 million as of Dec 31, 2022.
Net cash provided by operating activities in 2023 totaled $702 million compared with $787 million in 2022.
The first-quarter 2024 quarterly dividend increased 1.7% to 40.33 cents per share. The company expects annual dividend per share growth in the upper range of 5-8% through 2026.
Guidance
The company expects 2024 net income and Adjusted EBITDA to be $90 million and $1.17 billion, respectively.
Cash from Operating Activities is expected to be $830 million for the same period.
Clearway Energy reaffirmed its 2024 cash available for distribution (CAFD) guidance of $395 million.
Zacks Rank
CWEN currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy Partners, LP (NEP - Free Report) recorded fourth-quarter 2023 operating loss of 35 cents per unit, which missed the Zacks Consensus Estimate of earnings of 3 cents per unit.
The consensus estimate for 2024 EPS is pegged at 61 cents, implying a year-over-year increase of 79.4%. NEP has a long-term earnings growth rate of 14.72%.
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2023 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 151.9%.
The consensus estimate for 2024 EPS is pinned at $1.52, implying a year-over-year decrease of 20%. CNX has a long-term earnings growth rate of 5.56%.
Arch Resources Inc. (ARCH - Free Report) reported fourth-quarter 2023 operating EPS of $6.07, which missed the Zacks Consensus Estimate of $6.90 by 12%.
The consensus estimate for 2024 earnings is pegged at $23.25, implying a year-over-year decrease of 3.9%. The consensus mark for 2024 sales is pinned at $2.89 billion.