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Clearway Energy (CWEN) Q1 Loss Wider Than Expected, Sales Top
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Clearway Energy Inc. (CWEN - Free Report) reported first-quarter 2020 loss of 24 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents.
Total Revenues
The company's total revenues in first-quarter 2020 were $258 million, beating the Zacks Consensus Estimate of $232 million by 11.2%. Total revenues also improved 18.9% year over year.
Clearway Energy Inc Price, Consensus and EPS Surprise
On Apr 20, Clearway Energy announced that it has entered into binding agreements with Clearway Group (CEG) that will enable the company to acquire and invest in a portfolio of renewable energy projects, as well as expand the clean power generation portfolio.
Total operating expenses in the first quarter amounted to $206 million, increasing 17% from the year-ago period.
Operating income was $52 million, up 26.8% from the year-ago level.
Interest expenses in the quarter were $167 million, increasing 65.3% year over year.
Financial Position
Clearway Energy had cash and cash equivalents of $110 million as of Mar 31, 2020, down from $155 million on Dec 31, 2019. Total liquidity as of Mar 31, 2020 was $633 million, which was $209 million lower than the Dec 31, 2019 level. The decline due to growth investments and redemption of the remaining balance of the 2024 senior notes in January 2020.
Long-term debt as of Mar 31, 2020 was $5,081 million, reflecting an increase of 2.5% from $4,956 million on Dec 31, 2019.
The company's net cash flow from operating activities during first-quarter 2020 was $84 million compared with $61 million in the comparable prior-year period.
Guidance
Clearway Energy reaffirmed its 2020 Cash Available for Distribution (CAFD) guidance of $310 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #4 (Sell).
NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of $3.39 per unit in first-quarter 2020 against the Zacks Consensus Estimate of earnings of 28 cents.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2020 adjusted earnings of 38 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 18.8%.
SolarEdge Technologies (SEDG - Free Report) came out with quarterly earnings of $1.03 per share, missing the Zacks Consensus Estimate of $1.20 by 14.2%.
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Clearway Energy (CWEN) Q1 Loss Wider Than Expected, Sales Top
Clearway Energy Inc. (CWEN - Free Report) reported first-quarter 2020 loss of 24 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents.
Total Revenues
The company's total revenues in first-quarter 2020 were $258 million, beating the Zacks Consensus Estimate of $232 million by 11.2%. Total revenues also improved 18.9% year over year.
Clearway Energy Inc Price, Consensus and EPS Surprise
Clearway Energy Inc price-consensus-eps-surprise-chart | Clearway Energy Inc Quote
Highlights of the Release
On Apr 20, Clearway Energy announced that it has entered into binding agreements with Clearway Group (CEG) that will enable the company to acquire and invest in a portfolio of renewable energy projects, as well as expand the clean power generation portfolio.
Total operating expenses in the first quarter amounted to $206 million, increasing 17% from the year-ago period.
Operating income was $52 million, up 26.8% from the year-ago level.
Interest expenses in the quarter were $167 million, increasing 65.3% year over year.
Financial Position
Clearway Energy had cash and cash equivalents of $110 million as of Mar 31, 2020, down from $155 million on Dec 31, 2019. Total liquidity as of Mar 31, 2020 was $633 million, which was $209 million lower than the Dec 31, 2019 level. The decline due to growth investments and redemption of the remaining balance of the 2024 senior notes in January 2020.
Long-term debt as of Mar 31, 2020 was $5,081 million, reflecting an increase of 2.5% from $4,956 million on Dec 31, 2019.
The company's net cash flow from operating activities during first-quarter 2020 was $84 million compared with $61 million in the comparable prior-year period.
Guidance
Clearway Energy reaffirmed its 2020 Cash Available for Distribution (CAFD) guidance of $310 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy Partners, LP (NEP - Free Report) incurred a loss of $3.39 per unit in first-quarter 2020 against the Zacks Consensus Estimate of earnings of 28 cents.
Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2020 adjusted earnings of 38 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 18.8%.
SolarEdge Technologies (SEDG - Free Report) came out with quarterly earnings of $1.03 per share, missing the Zacks Consensus Estimate of $1.20 by 14.2%.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>