We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Clearway Energy's (CWEN) Q3 Earnings Beat Mark, Revenues Miss
Read MoreHide Full Article
Clearway Energy Inc. (CWEN - Free Report) recorded operating earnings per share (EPS) of 28 cents per share in third-quarter 2022, surpassing the Zacks Consensus Estimate of 13 cents by 115.4%. The bottom line also increased 55.6% from the year-ago figure’s tally of 18 cents.
Revenues
Operating revenues of $340 million missed the Zacks Consensus Estimate of $358 million by 5.1%. The top line fell by 3.1% from $351 million in the prior-year quarter.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Total operating expenses amounted to $235 million, down 10.3% from the year-ago quarter’s figure of $262 million due to a decline in operational costs.
Operating income was $105 million, up 17.9% from the year-ago quarter’s figure of $89 million.
In the quarter, CWEN reported interest expenses of $49 million, down 41.7% year over year.
During the quarter, the company completed the previously announced acquisition of 413 MW operating wind projects from Capistrano Wind Partners, LLC.
Financial Position
Clearway Energy had cash and cash equivalents of $793 million as of Sep 30, 2022, up from $179 million as of Dec 31, 2021.
Total liquidity as of Sep 30, 2022, was $1,539 million, up 87.5% from the Dec 31, 2021, level of $821 million.
The long-term debt as of Sep 30, 2022, was $6,519 million compared with $6,939 million as of Dec 31, 2021.
Clearway Energy’s net cash provided by operating activities for the first nine months of 2022 was $607 million compared with $529 million in the year-ago quarter.
On Sep 12, 2022, Global Infrastructure Partners ("GIP") closed a transaction whereby TotalEnergies acquired half of GIP’s interest in Clearway Group. TotalEnergies is expected to enhance growth prospects for the Clearway enterprise.
Guidance
Clearway Energy lowered its 2022 cash available for the distribution (“CAFD”) guidance to $350 million from the earlier expectation of $365 million due to forced outages experienced at the Conventional segment. CWEN initiated 2023 CAFD guidance of $410 million.
The company has lowered its pro forma CAFD outlook for 2022 to $390 million from the earlier expectation of $400 million.
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Nov 4. The Zacks Consensus Estimate for the third-quarter EPS is pegged at $1.29. PNM Resources’ long-term ( three to five years) earnings growth is currently pegged at 4.2%.
Alliant Energy Corp. (LNT - Free Report) is slated to report third-quarter 2022 earnings on Nov 7. The Zacks Consensus Estimate for the third-quarter EPS is pegged at $1.04. Alliant Energy’s long-term earnings growth is currently pegged at 5.92%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce third-quarter 2022 results on Nov 7. The Zacks Consensus Estimate for earnings is pegged at 70 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 12.6%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Clearway Energy's (CWEN) Q3 Earnings Beat Mark, Revenues Miss
Clearway Energy Inc. (CWEN - Free Report) recorded operating earnings per share (EPS) of 28 cents per share in third-quarter 2022, surpassing the Zacks Consensus Estimate of 13 cents by 115.4%. The bottom line also increased 55.6% from the year-ago figure’s tally of 18 cents.
Revenues
Operating revenues of $340 million missed the Zacks Consensus Estimate of $358 million by 5.1%. The top line fell by 3.1% from $351 million in the prior-year quarter.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote
Highlights of the Release
Total operating expenses amounted to $235 million, down 10.3% from the year-ago quarter’s figure of $262 million due to a decline in operational costs.
Operating income was $105 million, up 17.9% from the year-ago quarter’s figure of $89 million.
In the quarter, CWEN reported interest expenses of $49 million, down 41.7% year over year.
During the quarter, the company completed the previously announced acquisition of 413 MW operating wind projects from Capistrano Wind Partners, LLC.
Financial Position
Clearway Energy had cash and cash equivalents of $793 million as of Sep 30, 2022, up from $179 million as of Dec 31, 2021.
Total liquidity as of Sep 30, 2022, was $1,539 million, up 87.5% from the Dec 31, 2021, level of $821 million.
The long-term debt as of Sep 30, 2022, was $6,519 million compared with $6,939 million as of Dec 31, 2021.
Clearway Energy’s net cash provided by operating activities for the first nine months of 2022 was $607 million compared with $529 million in the year-ago quarter.
On Sep 12, 2022, Global Infrastructure Partners ("GIP") closed a transaction whereby TotalEnergies acquired half of GIP’s interest in Clearway Group. TotalEnergies is expected to enhance growth prospects for the Clearway enterprise.
Guidance
Clearway Energy lowered its 2022 cash available for the distribution (“CAFD”) guidance to $350 million from the earlier expectation of $365 million due to forced outages experienced at the Conventional segment. CWEN initiated 2023 CAFD guidance of $410 million.
The company has lowered its pro forma CAFD outlook for 2022 to $390 million from the earlier expectation of $400 million.
Zacks Rank
Clearway Energy currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Upcoming Releases
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Nov 4. The Zacks Consensus Estimate for the third-quarter EPS is pegged at $1.29. PNM Resources’ long-term ( three to five years) earnings growth is currently pegged at 4.2%.
Alliant Energy Corp. (LNT - Free Report) is slated to report third-quarter 2022 earnings on Nov 7. The Zacks Consensus Estimate for the third-quarter EPS is pegged at $1.04. Alliant Energy’s long-term earnings growth is currently pegged at 5.92%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce third-quarter 2022 results on Nov 7. The Zacks Consensus Estimate for earnings is pegged at 70 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 12.6%.