Pattern Energy Group (PEGI - Free Report) posted third-quarter 2018 operating loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents. The company reported a loss of 34 cents in the year-ago quarter.
The year-over-year upside was driven by solid top-line growth along with gains on derivatives.
Total revenues amounted to $118.4 million, which lagged the Zacks Consensus Estimate of $123 million by 3.7%. However, the figure improved 28.6% from $92 million reported in the prior-year quarter.
Pattern Energy sold 1,622,991 megawatt hours ("MWh") of electricity on a proportional basis in the reported quarter compared with 1,513,997 MWh in the year-ago quarter.
Total operating expenses in the reported quarter increased 25.7% from the year-ago quarter's level to $15.9 million.
The company incurred interest expenses of $27.5 million, up 1.2% from the year-ago quarter's tally.
In the third quarter, Pattern Energy acquired a 51%-owned interest in the 143 MW Mont Sainte-Marguerite project in Québec for a purchase price of $37.7 million. It also completed the sale of operations worth 81 MW interest in the 115 MW El Arrayán project in Chile, for cash proceeds of $70.4 million.
As of Sep 30, 2018, the company had cash and cash equivalents of $125.7 million compared with $116.8 million on Dec 31, 2017.
Its long-term debt was $2,105.8 million as of Sep 30, 2018, up from Dec 31, 2017 level of $1,878.7 million.
The company’s cash flow from operating activities in the first nine months of 2018 was $230.5 million, up from $159.3 million in the year-ago period.
Pattern Energy reaffirmed targeted annual cash available for distribution for 2018 within $151-$181 million.
Other Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
Currently, Pattern Energy Group has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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