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Clearway Energy (CWEN) Q2 Earnings Lag Estimates, Sales Top
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Clearway Energy Inc. (CWEN - Free Report) recorded earnings of 33 cents per share in the second quarter of 2023, missing the Zacks Consensus Estimate of 55 cents per share by 30.9%.
Revenues
Total revenues of $406 million surpassed the Zacks Consensus Estimate of $368 million by 10.3%. The top line also improved 10.3% from the year-ago quarter’s level of $368 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA for the quarter totaled $316 million compared with $366 million in the year-ago period.
Total operating expenses amounted to $257 million, up 1.6% from the prior-year quarter’s figure of $253 million. This was due to an increase in cost of operations.
Operating income came in at $149 million compared with the year-ago quarter’s $1,406 million.
CWEN incurred interest expenses of $55 million compared with $47 million in the prior-year period.
Financial Position
Clearway Energy had cash and cash equivalents of $547 million as of Jun 30, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Jun 30, 2023 was $1,430 million, up 15.2% from $1,366 million as of Dec 31, 2022.
Long-term debt as of Jun 30, 2023 was $6,708 million compared with $6,491 million as of Dec 31, 2022.
Net cash provided by operating activities in the first six months of 2023 totaled $209 million compared with $279 million in the corresponding period of 2022.
Guidance
Clearway Energy lowered its 2023 cash available for distribution (“CAFD”) guidance to the range of $330-$360 million from the previous value of $410, primarily due to weak renewable resource conditions in the current and previous quarters.
The company expects adjusted EBITDA in the range of $1,090-$1,120 million compared $1,170 million in the previous guidance. Cash from operating activities is anticipated to be in the range of $728-$758 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #5 (Strong Sell).
Constellation Energy Corporation (CEG - Free Report) reported second-quarter 2023 adjusted earnings of $2.56 per share, which surpassed the Zacks Consensus Estimate of 78 cents by 228.2%.
The consensus mark for 2023 earnings per share (EPS) stands at $4.25, indicating a year-over-year improvement of 967.4%. The long-term (three to five years) earnings growth rate is pegged at 30.1%.
Bloom Energy (BE - Free Report) reported second-quarter 2023 loss of 17 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents by 21.4%.
The Zacks Consensus Estimate for BE’s 2023 EPS indicates a year-over-year increase of 51.2%. The long-term earnings growth rate is pegged at 25%.
TC Energy (TRP - Free Report) recorded second-quarter 2023 operating earnings of 71 cents per unit, which missed the Zacks Consensus Estimate of 73 cents by 2.7%.
The consensus estimate for 2023 EPS stands at $3.2, implying a year-over-year decrease of 3.3%. TRP delivered an average earnings surprise of 1.05% in the last four quarters.
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Clearway Energy (CWEN) Q2 Earnings Lag Estimates, Sales Top
Clearway Energy Inc. (CWEN - Free Report) recorded earnings of 33 cents per share in the second quarter of 2023, missing the Zacks Consensus Estimate of 55 cents per share by 30.9%.
Revenues
Total revenues of $406 million surpassed the Zacks Consensus Estimate of $368 million by 10.3%. The top line also improved 10.3% from the year-ago quarter’s level of $368 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy, Inc. price-consensus-eps-surprise-chart | Clearway Energy, Inc. Quote
Highlights of the Release
Adjusted EBITDA for the quarter totaled $316 million compared with $366 million in the year-ago period.
Total operating expenses amounted to $257 million, up 1.6% from the prior-year quarter’s figure of $253 million. This was due to an increase in cost of operations.
Operating income came in at $149 million compared with the year-ago quarter’s $1,406 million.
CWEN incurred interest expenses of $55 million compared with $47 million in the prior-year period.
Financial Position
Clearway Energy had cash and cash equivalents of $547 million as of Jun 30, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Jun 30, 2023 was $1,430 million, up 15.2% from $1,366 million as of Dec 31, 2022.
Long-term debt as of Jun 30, 2023 was $6,708 million compared with $6,491 million as of Dec 31, 2022.
Net cash provided by operating activities in the first six months of 2023 totaled $209 million compared with $279 million in the corresponding period of 2022.
Guidance
Clearway Energy lowered its 2023 cash available for distribution (“CAFD”) guidance to the range of $330-$360 million from the previous value of $410, primarily due to weak renewable resource conditions in the current and previous quarters.
The company expects adjusted EBITDA in the range of $1,090-$1,120 million compared $1,170 million in the previous guidance. Cash from operating activities is anticipated to be in the range of $728-$758 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Constellation Energy Corporation (CEG - Free Report) reported second-quarter 2023 adjusted earnings of $2.56 per share, which surpassed the Zacks Consensus Estimate of 78 cents by 228.2%.
The consensus mark for 2023 earnings per share (EPS) stands at $4.25, indicating a year-over-year improvement of 967.4%. The long-term (three to five years) earnings growth rate is pegged at 30.1%.
Bloom Energy (BE - Free Report) reported second-quarter 2023 loss of 17 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents by 21.4%.
The Zacks Consensus Estimate for BE’s 2023 EPS indicates a year-over-year increase of 51.2%. The long-term earnings growth rate is pegged at 25%.
TC Energy (TRP - Free Report) recorded second-quarter 2023 operating earnings of 71 cents per unit, which missed the Zacks Consensus Estimate of 73 cents by 2.7%.
The consensus estimate for 2023 EPS stands at $3.2, implying a year-over-year decrease of 3.3%. TRP delivered an average earnings surprise of 1.05% in the last four quarters.