Clearway Energy Inc. (CWEN - Free Report) reported first-quarter 2019 loss of 18 cents per share against earnings of 16 cents in the year-ago period. The reported loss also fared unfavorably with the Zacks Consensus Estimate of earnings of 2 cents per share.
The company's total revenues in first-quarter 2019 were $217 million, surpassing the Zacks Consensus Estimate of $212 million by 2.4%. However, the top line was down 3.5% from the year-ago reported figure.
Highlights of the Release
Interest expenses in the first quarter amounted to $101 million, increasing 83.6% from a year ago.
Operating income in the reported quarter was $41 million, down 16.3% from the year-ago level.
Clearway Energy had cash and cash equivalents of $117 million as of Mar 31, 2019, down from $407 million on Dec 31, 2018.
Long-term debt as of Mar 31, 2019 was $4,225 million, reflecting a decline from $5,447 million on Dec 31, 2018.
The company's net cash flow from operating activities during first-quarter 2019 was $61 million compared with $65 million in the prior-year period.
Clearway Energy expects 2019 adjusted EBITDA to be $995 million and cash available for distribution to be $270 million. Net income in 2019 is expected to be $165 million.
Clearway Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
DTE Energy Company (DTE - Free Report) reported first-quarter 2019 operating earnings per share of $2.05, which beat the Zacks Consensus Estimate of $1.95 by 5.1%.
Xcel Energy Inc. (XEL - Free Report) posted first-quarter 2019 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate.
ALLETE, Inc. (ALE - Free Report) reported first-quarter 2019 adjusted earnings of $1.18 per share, missing the Zacks Consensus Estimate of $1.19 by 0.84%.
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