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Clearway Energy (CWEN) Q1 Earnings Beat Estimates, Sales Lag

·3 min read

Clearway Energy Inc. CWEN reported first-quarter 2021 earnings of 31 cents per share against the Zacks Consensus Estimate of a loss of 37 cents. In the prior-year quarter, the company incurred a loss of 24 cents per share.

Total Revenues

The company's total revenues for first-quarter 2021 were $237 million, which lagged the Zacks Consensus Estimate of $244 million by 2.9%. Total revenues also dropped 8.1% year over year.

Clearway Energy, Inc. Price, Consensus and EPS Surprise

Clearway Energy, Inc. Price, Consensus and EPS Surprise
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 for first-quarter 2021 amounted to $251 million, increasing 21.8% year over year.

Interest expenses for the quarter were $45 million, decreasing 73% year over year.

Due to the COVID-19 pandemic, the company has implemented adequate measures to maintain safe and reliable operations at its facilities.

Financial Position

It had cash and cash equivalents of $144 million as of Mar 31, 2021, down from $268 million on Dec 31, 2020. Total liquidity as of Mar 31, 2021 was $831 million, down from the Dec 31, 2020 level of $894 million.

Long-term debt as of Mar 31, 2021 was $7,463 million compared with $6,585 million as of Dec 31, 2020.

The company's net cash flow from operating activities for first-quarter 2021 was $47 million compared with $87 million in year-ago period.

Guidance

Clearway Energy has reaffirmed its 2021 cash available for distribution guidance of $325 million.

Zacks Rank

The company currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy Partners, LP NEP reported earnings of $2.66 per unit for first-quarter 2021, beating the Zacks Consensus Estimate of 39 cents by 582.1%.

Enphase Energy, Inc. ENPH reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.

SolarEdge Technologies SEDG came out with first-quarter earnings of 98 cents per share, which lagged the Zacks Consensus Estimate of $1.01 by 2.9%.

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Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report

SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report

NextEra Energy Partners, LP (NEP) : Free Stock Analysis Report

Clearway Energy, Inc. (CWEN) : Free Stock Analysis Report

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