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Clearway Energy (CWEN) Q1 Loss Wider Than Expected, Sales Top

Zacks Equity Research

Clearway Energy Inc. CWEN reported first-quarter 2020 loss of 24 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents.
Total Revenues

The company's total revenues in first-quarter 2020 were $258 million, beating the Zacks Consensus Estimate of $232 million by 11.2%. Total revenues also improved 18.9% year over year.

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

On Apr 20, Clearway Energy announced that it has entered into binding agreements with Clearway Group (CEG) that will enable the company to acquire and invest in a portfolio of renewable energy projects, as well as expand the clean power generation portfolio.

Total operating expenses in the first quarter amounted to $206 million, increasing 17% from the year-ago period.

Operating income was $52 million, up 26.8% from the year-ago level.

Interest expenses in the quarter were $167 million, increasing 65.3% year over year.

Financial Position

Clearway Energy had cash and cash equivalents of $110 million as of Mar 31, 2020, down from $155 million on Dec 31, 2019. Total liquidity as of Mar 31, 2020 was $633 million, which was $209 million lower than the Dec 31, 2019 level. The decline due to growth investments and redemption of the remaining balance of the 2024 senior notes in January 2020.

Long-term debt as of Mar 31, 2020 was $5,081 million, reflecting an increase of 2.5% from $4,956 million on Dec 31, 2019.

The company's net cash flow from operating activities during first-quarter 2020 was $84 million compared with $61 million in the comparable prior-year period.


Clearway Energy reaffirmed its 2020 Cash Available for Distribution (CAFD) guidance of $310 million.

Zacks Rank

Clearway Energy currently carries a Zacks Rank #4 (Sell).

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

Other Releases

NextEra Energy Partners, LP NEP incurred a loss of $3.39 per unit in first-quarter 2020 against the Zacks Consensus Estimate of earnings of 28 cents.

Enphase Energy, Inc. ENPH reported first-quarter 2020 adjusted earnings of 38 cents per share, which surpassed the Zacks Consensus Estimate of 32 cents by 18.8%.

SolarEdge Technologies SEDG came out with quarterly earnings of $1.03 per share, missing the Zacks Consensus Estimate of $1.20 by 14.2%.

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