Clearway Energy (CWEN) Q2 Earnings Lag Estimates, Sales Top
Clearway Energy Inc. CWEN recorded earnings of 33 cents per share in the second quarter of 2023, missing the Zacks Consensus Estimate of 55 cents per share by 30.9%.
Revenues
Total revenues of $406 million surpassed the Zacks Consensus Estimate of $368 million by 10.3%. The top line also improved 10.3% from the year-ago quarter’s level of $368 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 $316 million compared with $366 million in the year-ago period.
Total operating expenses amounted to $257 million, up 1.6% from the prior-year quarter’s figure of $253 million. This was due to an increase in cost of operations.
Operating income came in at $149 million compared with the year-ago quarter’s $1,406 million.
CWEN incurred interest expenses of $55 million compared with $47 million in the prior-year period.
Financial Position
Clearway Energy had cash and cash equivalents of $547 million as of Jun 30, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Jun 30, 2023 was $1,430 million, up 15.2% from $1,366 million as of Dec 31, 2022.
Long-term debt as of Jun 30, 2023 was $6,708 million compared with $6,491 million as of Dec 31, 2022.
Net cash provided by operating activities in the first six months of 2023 totaled $209 million compared with $279 million in the corresponding period of 2022.
Guidance
Clearway Energy lowered its 2023 cash available for distribution (“CAFD”) guidance to the range of $330-$360 million from the previous value of $410, primarily due to weak renewable resource conditions in the current and previous quarters.
The company expects adjusted EBITDA in the range of $1,090-$1,120 million compared $1,170 million in the previous guidance. Cash from operating activities is anticipated to be in the range of $728-$758 million.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Constellation Energy Corporation CEG reported second-quarter 2023 adjusted earnings of $2.56 per share, which surpassed the Zacks Consensus Estimate of 78 cents by 228.2%.
The consensus mark for 2023 earnings per share (EPS) stands at $4.25, indicating a year-over-year improvement of 967.4%. The long-term (three to five years) earnings growth rate is pegged at 30.1%.
Bloom Energy BE reported second-quarter 2023 loss of 17 cents per share, wider than the Zacks Consensus Estimate of a loss of 14 cents by 21.4%.
The Zacks Consensus Estimate for BE’s 2023 EPS indicates a year-over-year increase of 51.2%. The long-term earnings growth rate is pegged at 25%.
TC Energy TRP recorded second-quarter 2023 operating earnings of 71 cents per unit, which missed the Zacks Consensus Estimate of 73 cents by 2.7%.
The consensus estimate for 2023 EPS stands at $3.2, implying a year-over-year decrease of 3.3%. TRP delivered an average earnings surprise of 1.05% in the last four quarters.
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