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Clearway Energy Q3 Earnings Lag Estimates, Revenues Surpass
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Clearway Energy Inc. (CWEN - Free Report) recorded third-quarter 2024 earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 48 cents by 35.4%. However, the bottom line increased 933% from 3 cents in the year-ago quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Revenues
Total revenues of $486 million surpassed the Zacks Consensus Estimate of $442 million by 9.8%. The top line also increased 31% from the year-ago figure of $371 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDA for the quarter totaled $354 million compared with $323 million in the year-ago period.
The company signed an agreement with Clearway Group to commit to invest in a 500 megawatt (MW) solar plus storage project. CWEN received offer from Clearway Group to invest in a 320-MW storage hybridization project.
Total operating costs and expenses for the quarter were $308 million, up 11.2% from the year-ago figure of $277 million. This was due to higher depreciation, amortization and accretion costs.
The operating income for the quarter came in at $178 million compared with the year-ago figure of $94 million.
CWEN incurred interest expenses of $139 million compared with $48 million in the year-ago quarter.
Financial Position
Clearway Energy had cash and cash equivalents of $292 million as of Sept. 30, 2024, compared with $535 million as of Dec. 31, 2023.
Total liquidity as of Sept. 30, 2024, was $1.27 billion compared with $1.5 billion recorded as of Dec. 31, 2023.
Long-term debt as of Sept. 30, 2024, amounted to $6.73 billion compared with $7.48 billion as of Dec. 31, 2023.
Net cash provided by operating activities in the first nine months of 2024 totaled $578 million compared with $496 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 (CAFD) at $395 million.
The company initiated a full-year 2025 CAFD guidance of $400-$440 million. It expects adjusted EBITDA to be in the range of $1.195-$1.235 billion. Cash from Operating Activities is expected to be in the band of $844-$884 million.
Constellation Energy Corporation (CEG - Free Report) is scheduled to report third-quarter results on Nov. 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $2.72 per share.
The Zacks Consensus Estimate for sales is pinned at $6.21 billion, indicating a year-over-year increase of 1.6%.
Energy Transfer (ET - Free Report) is slated to report third-quarter results on Nov. 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 32 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $24.23 billion, implying a year-over-year increase of 16.8%.
Murphy Oil Corporation (MUR - Free Report) is scheduled to report third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 76 cents per share.
The Zacks Consensus Estimate for sales is pinned at $762.11 million. The company delivered an average earnings surprise of 4.3% in the trailing four quarters.
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Clearway Energy Q3 Earnings Lag Estimates, Revenues Surpass
Clearway Energy Inc. (CWEN - Free Report) recorded third-quarter 2024 earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 48 cents by 35.4%. However, the bottom line increased 933% from 3 cents in the year-ago quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Revenues
Total revenues of $486 million surpassed the Zacks Consensus Estimate of $442 million by 9.8%. The top line also increased 31% from the year-ago figure of $371 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 $354 million compared with $323 million in the year-ago period.
The company signed an agreement with Clearway Group to commit to invest in a 500 megawatt (MW) solar plus storage project. CWEN received offer from Clearway Group to invest in a 320-MW storage hybridization project.
Total operating costs and expenses for the quarter were $308 million, up 11.2% from the year-ago figure of $277 million.
This was due to higher depreciation, amortization and accretion costs.
The operating income for the quarter came in at $178 million compared with the year-ago figure of $94 million.
CWEN incurred interest expenses of $139 million compared with $48 million in the year-ago quarter.
Financial Position
Clearway Energy had cash and cash equivalents of $292 million as of Sept. 30, 2024, compared with $535 million as of Dec. 31, 2023.
Total liquidity as of Sept. 30, 2024, was $1.27 billion compared with $1.5 billion recorded as of Dec. 31, 2023.
Long-term debt as of Sept. 30, 2024, amounted to $6.73 billion compared with $7.48 billion as of Dec. 31, 2023.
Net cash provided by operating activities in the first nine months of 2024 totaled $578 million compared with $496 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 (CAFD) at $395 million.
The company initiated a full-year 2025 CAFD guidance of $400-$440 million. It expects adjusted EBITDA to be in the range of $1.195-$1.235 billion. Cash from Operating Activities is expected to be in the band of $844-$884 million.
Zacks Rank
CWEN currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Constellation Energy Corporation (CEG - Free Report) is scheduled to report third-quarter results on Nov. 4, before market open. The Zacks Consensus Estimate for earnings is pegged at $2.72 per share.
The Zacks Consensus Estimate for sales is pinned at $6.21 billion, indicating a year-over-year increase of 1.6%.
Energy Transfer (ET - Free Report) is slated to report third-quarter results on Nov. 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 32 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $24.23 billion, implying a year-over-year increase of 16.8%.
Murphy Oil Corporation (MUR - Free Report) is scheduled to report third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 76 cents per share.
The Zacks Consensus Estimate for sales is pinned at $762.11 million. The company delivered an average earnings surprise of 4.3% in the trailing four quarters.