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Clearway Energy (CWEN) Q3 Earnings & Revenues Miss Estimates

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Clearway Energy Inc. CWEN reported third-quarter 2021 earnings of 18 cents per share, which lagged the Zacks Consensus Estimate of 70 cents by 74.3%. Earnings were down 41.9% from the prior-year quarter.

Revenues

The company's total revenues for third-quarter 2021 were $351 million, which lagged the Zacks Consensus Estimate of $414 million by 15.2%. Total revenues, however, improved 5.7% 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 third-quarter 2021 amounted to $262 million, increasing 25.4% year over year. Operating income was $89 million, down 27.6% year over year.

Interest expenses for the quarter were $84 million, down 1.2% year over year.

The company continues to expand renewable assets through partnerships and acquisitions. It recently executed an agreement to acquire the remaining 50% interest in the 530 MW Utah Solar Portfolio.

On Oct 25, 2021, the company announced that it has entered into a binding agreement to sell the Thermal business to KKR for a total consideration of $1.9 billion, subject to necessary approvals.

Financial Position

It had cash and cash equivalents of $189 million as of Sep 30, 2021, down from $268 million on Dec 31, 2020.

Total liquidity as of Sep 30, 2021 was $898 million, up from the Dec 31, 2020 level of $894 million.

Long-term debt as of Sep 30, 2021 was $7,299 million compared with $6,585 million on Dec 31, 2020.

The company's net cash flow from operating activities for the first nine months of 2021 was $529 million compared with $441 million in the year-ago period.

Guidance

Clearway Energy reaffirmed its 2021 cash available for distribution guidance of $325 million and initiated 2022 view for the same of $395 million.

Zacks Rank

The company 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

NextEra Energy Partners, LP NEP reported earnings of 24 cents per unit for third-quarter 2021, lagging the Zacks Consensus Estimate of 64 cents by 62.5%.

Enphase Energy, Inc. ENPH reported third-quarter 2021 adjusted earnings of 60 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 27.6%.

SolarEdge Technologies SEDG came out with third-quarter earnings of $1.45 per share, which surpassed the Zacks Consensus Estimate of $1.38 by 5.1%.


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

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