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Pattern Energy (PEGI) Q3 Loss Wider Than Expected, Sales Lag
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Pattern Energy Group reported a loss of 53 cents in third-quarter 2019 versus a loss of 13 cents per share in the year-ago period. The Zacks Consensus Estimate was pegged at loss per share of 1 cent.
Total Revenues
Third-quarter revenues amounted to $119 million, which lagged the Zacks Consensus Estimate of $139 million by 14.4%. However, total revenues were 0.9% higher than the prior-year figure.
Quarterly Highlights
Pattern Energy sold 1,735,937 megawatt hours (MWh) of electricity on a proportional basis compared with 1,622,991 MWh in the year-ago quarter. The 7% improvement was primarily caused by volume increases resulting from acquisitions and less favorable wind conditions in 2018.
Total operating expenses amounted to $29 million, reflecting an increase of 81.3% from the year-ago level.
The company incurred interest expenses of $27 million compared with $28 million in the year-ago quarter.
Pattern Energy Group Inc. Price, Consensus and EPS Surprise
As of Sep 30, 2019, the company had cash and cash equivalents of $106 million compared with $101 million on Dec 31, 2018.
Its long-term debt was $2,172 million as of Sep 30, 2019, up from the Dec 31, 2018 level of $2,004 million.
The company’s cash flow from operating activities in the first nine months of 2019 was $118 million, down from $230 million recorded in the comparable year-ago quarter.
Guidance
Pattern Energy reaffirmed 2019 annual cash available for distribution in the range of $160-$190 million. The company also reaffirmed 2020 cash available for distribution in the band of $185-$225 million.
Zacks Rank
Currently, Pattern Energy has a Zacks Rank #2 (Buy).
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2019 operating earnings of 76 cents per share, which beat the Zacks Consensus Estimate of 73 cents by 4.1%.
NextEra Energy, Inc.(NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.3%.
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Pattern Energy (PEGI) Q3 Loss Wider Than Expected, Sales Lag
Pattern Energy Group reported a loss of 53 cents in third-quarter 2019 versus a loss of 13 cents per share in the year-ago period. The Zacks Consensus Estimate was pegged at loss per share of 1 cent.
Total Revenues
Third-quarter revenues amounted to $119 million, which lagged the Zacks Consensus Estimate of $139 million by 14.4%. However, total revenues were 0.9% higher than the prior-year figure.
Quarterly Highlights
Pattern Energy sold 1,735,937 megawatt hours (MWh) of electricity on a proportional basis compared with 1,622,991 MWh in the year-ago quarter. The 7% improvement was primarily caused by volume increases resulting from acquisitions and less favorable wind conditions in 2018.
Total operating expenses amounted to $29 million, reflecting an increase of 81.3% from the year-ago level.
The company incurred interest expenses of $27 million compared with $28 million in the year-ago quarter.
Pattern Energy Group Inc. Price, Consensus and EPS Surprise
Pattern Energy Group Inc. price-consensus-eps-surprise-chart | Pattern Energy Group Inc. Quote
Financial Highlights
As of Sep 30, 2019, the company had cash and cash equivalents of $106 million compared with $101 million on Dec 31, 2018.
Its long-term debt was $2,172 million as of Sep 30, 2019, up from the Dec 31, 2018 level of $2,004 million.
The company’s cash flow from operating activities in the first nine months of 2019 was $118 million, down from $230 million recorded in the comparable year-ago quarter.
Guidance
Pattern Energy reaffirmed 2019 annual cash available for distribution in the range of $160-$190 million. The company also reaffirmed 2020 cash available for distribution in the band of $185-$225 million.
Zacks Rank
Currently, Pattern Energy has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2019 operating earnings of $1.01 per share, which lagged the Zacks Consensus Estimate of $1.05 by 3.8%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2019 operating earnings of 76 cents per share, which beat the Zacks Consensus Estimate of 73 cents by 4.1%.
NextEra Energy, Inc.(NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27 by 5.3%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>