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Clearway Energy (CWEN) Q1 Earnings Surpass Estimates, Sales Lag
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Clearway Energy Inc. (CWEN - Free Report) recorded a first-quarter 2024 loss of 2 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 27 cents. In the year-ago quarter, the company reported break-even earnings.
Revenues
Total revenues of $263 million missed the Zacks Consensus Estimate of $270 million by 2.6%. The top line also declined 8.7% from the year-ago quarter’s figure of $288 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA for the quarter totaled $211 million compared with $218 million in the year-ago period.
The company signed agreements with Clearway Group to commit to invest in 55-megawatt (MW) of wind and 257 MW of solar plus storage projects. On May 6, 2024, CWEN contracted with a load-serving entity to sell approximately 97 MW of Resource Adequacy, commencing in January 2027 and ending in December 2027.
Total operating costs and expenses for the quarter amounted to $292 million, up 18.7% from the year-ago quarter’s figure of $246 million. This was due to an increase in the cost of operations and higher depreciation, amortization and accretion costs.
The operating loss for the quarter came in at $29 million against the year-ago quarter’s income of $42 million.
CWEN incurred interest expenses of $57 million compared with $99 million in the year-ago quarter.
Financial Position
Clearway Energy had cash and cash equivalents of $478 million as of Mar 31, 2024 compared with $535 million as of Dec 31, 2023.
Total liquidity as of Mar 31, 2024 was $1.4 billion compared with $1.5 billion recorded as of Dec 31, 2023.
Long-term debt as of Mar 31, 2024 amounted to $7.58 billion compared with $7.48 million as of Dec 31, 2023.
Net cash provided by operating activities in the first three months of 2024 totaled $81 million compared with $75 million in the year-ago period.
Guidance
The company expects 2024 net income and adjusted EBITDA to be $90 million and $1.18 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 guidance of $395 million.
NextEra Energy Partners, LP (NEP - Free Report) recorded first-quarter 2024 operating earnings of 75 cents per unit, which surpassed the Zacks Consensus Estimate of 12 cents by 525%.
The Zacks Consensus Estimate for 2024 EPS is pegged at $1.54, which implies a year-over-year increase of 352.9%. The Zacks Consensus Estimate for sales is pegged at $1.37 billion.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2024 operating earnings of 45 cents per share, which beat the Zacks Consensus Estimate of 36 cents by 25%.
The consensus estimate for 2024 EPS stands at $1.39, which calls for a year-over-year decrease of 26.8%. It delivered an average earnings surprise of 58.1% in the last four quarters.
Arch Resources Inc. (ARCH - Free Report) reported a first-quarter 2024 operating EPS of $2.98, which surpassed the Zacks Consensus Estimate of $2.79 by 6.8%.
The consensus estimate for 2024 earnings is pegged at $12.83, which suggests a year-over-year decrease of 47%. The consensus mark for 2024 sales is pegged at $2.56 billion.
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Clearway Energy (CWEN) Q1 Earnings Surpass Estimates, Sales Lag
Clearway Energy Inc. (CWEN - Free Report) recorded a first-quarter 2024 loss of 2 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 27 cents. In the year-ago quarter, the company reported break-even earnings.
Revenues
Total revenues of $263 million missed the Zacks Consensus Estimate of $270 million by 2.6%. The top line also declined 8.7% from the year-ago quarter’s figure of $288 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 $211 million compared with $218 million in the year-ago period.
The company signed agreements with Clearway Group to commit to invest in 55-megawatt (MW) of wind and 257 MW of solar plus storage projects. On May 6, 2024, CWEN contracted with a load-serving entity to sell approximately 97 MW of Resource Adequacy, commencing in January 2027 and ending in December 2027.
Total operating costs and expenses for the quarter amounted to $292 million, up 18.7% from the year-ago quarter’s figure of $246 million. This was due to an increase in the cost of operations and higher depreciation, amortization and accretion costs.
The operating loss for the quarter came in at $29 million against the year-ago quarter’s income of $42 million.
CWEN incurred interest expenses of $57 million compared with $99 million in the year-ago quarter.
Financial Position
Clearway Energy had cash and cash equivalents of $478 million as of Mar 31, 2024 compared with $535 million as of Dec 31, 2023.
Total liquidity as of Mar 31, 2024 was $1.4 billion compared with $1.5 billion recorded as of Dec 31, 2023.
Long-term debt as of Mar 31, 2024 amounted to $7.58 billion compared with $7.48 million as of Dec 31, 2023.
Net cash provided by operating activities in the first three months of 2024 totaled $81 million compared with $75 million in the year-ago period.
Guidance
The company expects 2024 net income and adjusted EBITDA to be $90 million and $1.18 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 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 first-quarter 2024 operating earnings of 75 cents per unit, which surpassed the Zacks Consensus Estimate of 12 cents by 525%.
The Zacks Consensus Estimate for 2024 EPS is pegged at $1.54, which implies a year-over-year increase of 352.9%. The Zacks Consensus Estimate for sales is pegged at $1.37 billion.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2024 operating earnings of 45 cents per share, which beat the Zacks Consensus Estimate of 36 cents by 25%.
The consensus estimate for 2024 EPS stands at $1.39, which calls for a year-over-year decrease of 26.8%. It delivered an average earnings surprise of 58.1% in the last four quarters.
Arch Resources Inc. (ARCH - Free Report) reported a first-quarter 2024 operating EPS of $2.98, which surpassed the Zacks Consensus Estimate of $2.79 by 6.8%.
The consensus estimate for 2024 earnings is pegged at $12.83, which suggests a year-over-year decrease of 47%. The consensus mark for 2024 sales is pegged at $2.56 billion.