Pattern Energy Group (PEGI - Free Report) reported 2018 earnings of $1.45 per share versus a loss of 20 cents in 2017.
Total 2018 revenues were $483 million compared with $411 million in 2017. The year-over-year increase in revenues was primarily due to higher electric sales.
Fourth-quarter revenues amounted to $113 million, which lagged the Zacks Consensus Estimate of $144 million by 21.5%. However, the figure improved 2.7% from $110 million reported in the prior-year quarter.
Pattern Energy sold 1,966,677 megawatt hours ("MWh") of electricity on a proportional basis in fourth-quarter 2018 compared with 2,130,343 MWh in the corresponding period last year. The 8% decline was primarily due to a decrease in volume owing to the sale of El Arrayán and a reduction in Pattern Energy's proportional interest at Panhandle 2.
Total operating expenses in the reported quarter increased 40% from the year-ago level to $14 million.
The company incurred interest expenses of $28 million, in line with the year-ago figure.
As of Dec 31, 2018, the company had cash and cash equivalents of $101 million compared with $117 million in the comparable year-ago period.
Its long-term debt was $2,004 million as of Dec 31, 2018, up from the Dec 31, 2017 level of $1,879 million.
The company’s cash flow from operating activities in 2018 was $279 million, up from $218 million recorded a year ago.
Pattern Energy expects annual cash available for distribution in 2019 within $160-$190 million and 2020 cash available for distribution in the range of $185-$225 million.
Other Utility Releases
Algonquin Power & Utilities Corp. (AQN - Free Report) reported fourth-quarter 2018 operating earnings of 14 cents per share, beating the Zacks Consensus Estimate by a penny.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2018 adjusted earnings of $1.49 per share, which lagged the Zacks Consensus Estimate of $1.51 by 1.3%.
Duke Energy Corp. (DUK - Free Report) reported fourth-quarter 2018 adjusted earnings of 84 cents per share, which missed the Zacks Consensus Estimate of 89 cents by 5.6%.
Currently, Pattern Energy has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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