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Clearway Energy (CWEN) Incurs Loss in Q1, Beats on Revenues

Zacks Equity Research

Clearway Energy Inc. CWEN reported first-quarter 2019 loss of 18 cents per share against earnings of 16 cents in the year-ago period. The reported loss also fared unfavorably with the Zacks Consensus Estimate of earnings of 2 cents per share.

Total Revenues

The company's total revenues in first-quarter 2019 were $217 million, surpassing the Zacks Consensus Estimate of $212 million by 2.4%. However, the top line was down 3.5% from the year-ago reported figure.

Highlights of the Release

Interest expenses in the first quarter amounted to $101 million, increasing 83.6% from a year ago.

Operating income in the reported quarter was $41 million, down 16.3% from the year-ago level.

Clearway Energy, Inc. Price, Consensus and EPS Surprise

Clearway Energy, Inc. Price, Consensus and EPS Surprise | Clearway Energy, Inc. Quote

Financial Position

Clearway Energy had cash and cash equivalents of $117 million as of Mar 31, 2019, down from $407 million on Dec 31, 2018.

Long-term debt as of Mar 31, 2019 was $4,225 million, reflecting a decline from $5,447 million on Dec 31, 2018.

The company's net cash flow from operating activities during first-quarter 2019 was $61 million compared with $65 million in the prior-year period.


Clearway Energy expects 2019 adjusted EBITDA to be $995 million and cash available for distribution to be $270 million. Net income in 2019 is expected to be $165 million.

Zacks Rank

Clearway Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

DTE Energy Company DTE reported first-quarter 2019 operating earnings per share of $2.05, which beat the Zacks Consensus Estimate of $1.95 by 5.1%.

Xcel Energy Inc. XEL posted first-quarter 2019 operating earnings of 61 cents per share, in line with the Zacks Consensus Estimate.

ALLETE, Inc. ALE reported first-quarter 2019 adjusted earnings of $1.18 per share, missing the Zacks Consensus Estimate of $1.19 by 0.84%.

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