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NextEra Energy Partners (NEP) Incurs Loss in Q1, Down Y/Y
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NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of $3.39 per unit in the first-quarter of 2020 against the Zacks Consensus Estimate of earning of 28 cents. In the year-ago quarter, the partnership incurred a loss of 38 cents.
Revenues
In the quarter under review, the firm generated revenues worth $212 million that missed the Zacks Consensus Estimate of $266 million by 20.3%. However, the top line improved 19.8% on a year-over-year basis.
Highlights of the Release
In the quarter under review, NextEra Energy Partners’ total adjusted operating expenses were $163 million, up 13.9% from the year-ago quarter’s figure of $143 million.
In the quarter under review, the partnership’s operating income amounted to $49 million, up 44.1% from $34 million in the year-ago quarter.
The partnership now expects to achieve long-term distribution growth objectives without any additional acquisition till 2022. Notably, it declared a quarterly distribution of 55.5 cents per unit payable on May 15, to the unitholders of record as of May 7. This makes the annualised distribution of $2.22 per common unit, up approximately 15% on an annualized basis compared with the first quarter of 2019.
The partnership announced that it is well positioned to continue to deliver on its objectives and its commitments as it currently expects no material, financial or operational impacts due to the COVID-19 pandemic.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
NextEra Energy Partners had cash and cash equivalents of $115 million as of Mar 31, 2020, compared with $128 million as of Dec 31, 2019.
Long-term debt was $4,179 million as of Mar 31, 2020 compared with $4,132 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of the first quarter 2020 was $99 million, higher than $19 million at the end of the first quarter of 2019.
Guidance
For 2020, the firm reaffirmed the run rate for cash available for distribution (CAFD) in the range of $505-$585 million (excluding all contributions from the Desert Sunlight projects).
The partnership continues to expect 12-15% per year growth for limited partner distributions through 2024. It expects the annualized rate of fourth-quarter 2020 distribution in the range of $2.40-$2.46 per common unit.
Southwestern Energy Co. (SWN - Free Report) is scheduled to report its first-quarter 2020 results on Apr 30. The Zacks Consensus Estimate for earnings is pegged at 6 cents per share.
Energy Transfer LP (ET - Free Report) is scheduled to report its first-quarter 2020 results on May 11. The Zacks Consensus Estimate for earnings is pegged at 31 cents per share.
Enphase Energy, Inc. (ENPH - Free Report) is scheduled to report its first-quarter 2020 results on May 5. The Zacks Consensus Estimate for earnings is pegged at 33 cents per share.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>
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NextEra Energy Partners (NEP) Incurs Loss in Q1, Down Y/Y
NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of $3.39 per unit in the first-quarter of 2020 against the Zacks Consensus Estimate of earning of 28 cents. In the year-ago quarter, the partnership incurred a loss of 38 cents.
Revenues
In the quarter under review, the firm generated revenues worth $212 million that missed the Zacks Consensus Estimate of $266 million by 20.3%. However, the top line improved 19.8% on a year-over-year basis.
Highlights of the Release
In the quarter under review, NextEra Energy Partners’ total adjusted operating expenses were $163 million, up 13.9% from the year-ago quarter’s figure of $143 million.
In the quarter under review, the partnership’s operating income amounted to $49 million, up 44.1% from $34 million in the year-ago quarter.
The partnership now expects to achieve long-term distribution growth objectives without any additional acquisition till 2022. Notably, it declared a quarterly distribution of 55.5 cents per unit payable on May 15, to the unitholders of record as of May 7. This makes the annualised distribution of $2.22 per common unit, up approximately 15% on an annualized basis compared with the first quarter of 2019.
The partnership announced that it is well positioned to continue to deliver on its objectives and its commitments as it currently expects no material, financial or operational impacts due to the COVID-19 pandemic.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
NextEra Energy Partners, LP price-consensus-eps-surprise-chart | NextEra Energy Partners, LP Quote
Financial Condition
NextEra Energy Partners had cash and cash equivalents of $115 million as of Mar 31, 2020, compared with $128 million as of Dec 31, 2019.
Long-term debt was $4,179 million as of Mar 31, 2020 compared with $4,132 million as of Dec 31, 2019.
Net cash provided by operating activities at the end of the first quarter 2020 was $99 million, higher than $19 million at the end of the first quarter of 2019.
Guidance
For 2020, the firm reaffirmed the run rate for cash available for distribution (CAFD) in the range of $505-$585 million (excluding all contributions from the Desert Sunlight projects).
The partnership continues to expect 12-15% per year growth for limited partner distributions through 2024. It expects the annualized rate of fourth-quarter 2020 distribution in the range of $2.40-$2.46 per common unit.
Zacks Rank
NextEra Energy Partners currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Southwestern Energy Co. (SWN - Free Report) is scheduled to report its first-quarter 2020 results on Apr 30. The Zacks Consensus Estimate for earnings is pegged at 6 cents per share.
Energy Transfer LP (ET - Free Report) is scheduled to report its first-quarter 2020 results on May 11. The Zacks Consensus Estimate for earnings is pegged at 31 cents per share.
Enphase Energy, Inc. (ENPH - Free Report) is scheduled to report its first-quarter 2020 results on May 5. The Zacks Consensus Estimate for earnings is pegged at 33 cents per share.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>