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 (CWEN) Q2 Earnings & Sales Lag Estimates
Read MoreHide Full Article
Clearway Energy Inc. (CWEN - Free Report) recorded a second-quarter 2024 earnings of 43 cents per share, which missed the Zacks Consensus Estimate of 50 cents by 14%. However, the bottom line increased 30.3% from 33 cents in the year-ago quarter.
Revenues
Total revenues of $366 million missed the Zacks Consensus Estimate of $401 million by 16.1%. The top line also declined 9.8% from the year-ago quarter’s figure of $406 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA for the quarter totaled $353 million compared with $316 million in the year-ago period.
The company signed an agreement with Clearway Group to commit to invest in 314 megawatts (MW) of solar plus storage projects. CWEN received an offer from Clearway Group to invest in a 500-MW solar plus storage project.
Total operating costs and expenses for the quarter amounted to $282 million, up 9.7% from the year-ago quarter’s figure of $257 million. This was due to higher depreciation, amortization and accretion costs.
The operating income for the quarter came in at $84 million compared with the year-ago quarter’s figure of $149 million.
CWEN incurred interest expenses of $88 million compared with $55 million in the year-ago quarter.
Financial Position
Clearway Energy had cash and cash equivalents of $226 million as of Jun 30, 2024, compared with $535 million as of Dec 31, 2023.
Total liquidity as of Jun 30, 2024, was $1.07 billion compared with $1.5 billion recorded as of Dec 31, 2023.
Long-term debt as of Jun 30, 2024, amounted to $6.8 billion compared with $7.48 million as of Dec 31, 2023.
Net cash provided by operating activities in the first six months of 2024 totaled $277 million compared with $209 million in the year-ago period.
Guidance
The company continues to expect 2024 net income and adjusted EBITDA of $90 million and $1.18 billion, respectively.
Cash from Operating Activities is expected to be $830 million for the same period.
Clearway Energy reaffirmed its guidance for 2024 cash available for distribution at $395 million.
NextEra Energy Partners, LP (NEP - Free Report) recorded second-quarter 2024 operating earnings of 66 cents per unit, which missed the Zacks Consensus Estimate of 70 cents by 5.7%.
The Zacks Consensus Estimate for 2024 earnings is pegged at $1.81, which implies a year-over-year increase of 432.4%. The Zacks Consensus Estimate for sales is pegged at $1.25 billion.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2024 operating earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 33.3%.
The consensus estimate for 2024 EPS stands at $1.41, which calls for a year-over-year decrease of 25.8%. It delivered an average earnings surprise of 61.2% in the trailing four quarters.
Arch Resources Inc. (ARCH - Free Report) reported second-quarter 2024 operating EPS of 81 cents, which missed the Zacks Consensus Estimate of $1.31 by 38.2%.
The consensus estimate for 2024 earnings is pegged at $13.7, which suggests a year-over-year decrease of 43.4%. The consensus mark for 2024 sales is pegged at $2.64 billion.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Clearway Energy (CWEN) Q2 Earnings & Sales Lag Estimates
Clearway Energy Inc. (CWEN - Free Report) recorded a second-quarter 2024 earnings of 43 cents per share, which missed the Zacks Consensus Estimate of 50 cents by 14%. However, the bottom line increased 30.3% from 33 cents in the year-ago quarter.
Revenues
Total revenues of $366 million missed the Zacks Consensus Estimate of $401 million by 16.1%. The top line also declined 9.8% from the year-ago quarter’s figure of $406 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 $353 million compared with $316 million in the year-ago period.
The company signed an agreement with Clearway Group to commit to invest in 314 megawatts (MW) of solar plus storage projects. CWEN received an offer from Clearway Group to invest in a 500-MW solar plus storage project.
Total operating costs and expenses for the quarter amounted to $282 million, up 9.7% from the year-ago quarter’s figure of $257 million. This was due to higher depreciation, amortization and accretion costs.
The operating income for the quarter came in at $84 million compared with the year-ago quarter’s figure of $149 million.
CWEN incurred interest expenses of $88 million compared with $55 million in the year-ago quarter.
Financial Position
Clearway Energy had cash and cash equivalents of $226 million as of Jun 30, 2024, compared with $535 million as of Dec 31, 2023.
Total liquidity as of Jun 30, 2024, was $1.07 billion compared with $1.5 billion recorded as of Dec 31, 2023.
Long-term debt as of Jun 30, 2024, amounted to $6.8 billion compared with $7.48 million as of Dec 31, 2023.
Net cash provided by operating activities in the first six months of 2024 totaled $277 million compared with $209 million in the year-ago period.
Guidance
The company continues to expect 2024 net income and adjusted EBITDA of $90 million and $1.18 billion, respectively.
Cash from Operating Activities is expected to be $830 million for the same period.
Clearway Energy reaffirmed its guidance for 2024 cash available for distribution at $395 million.
Zacks Rank
CWEN currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy Partners, LP (NEP - Free Report) recorded second-quarter 2024 operating earnings of 66 cents per unit, which missed the Zacks Consensus Estimate of 70 cents by 5.7%.
The Zacks Consensus Estimate for 2024 earnings is pegged at $1.81, which implies a year-over-year increase of 432.4%. The Zacks Consensus Estimate for sales is pegged at $1.25 billion.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2024 operating earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 27 cents by 33.3%.
The consensus estimate for 2024 EPS stands at $1.41, which calls for a year-over-year decrease of 25.8%. It delivered an average earnings surprise of 61.2% in the trailing four quarters.
Arch Resources Inc. (ARCH - Free Report) reported second-quarter 2024 operating EPS of 81 cents, which missed the Zacks Consensus Estimate of $1.31 by 38.2%.
The consensus estimate for 2024 earnings is pegged at $13.7, which suggests a year-over-year decrease of 43.4%. The consensus mark for 2024 sales is pegged at $2.64 billion.