Clearway Energy (CWEN) Q3 Earnings Lag Estimates, Sales Beat
Clearway Energy Inc. CWEN recorded third-quarter 2023 earnings of 3 cents per share, missing the Zacks Consensus Estimate of 55 cents by 94.5%.
Revenues
Total revenues of $371 million surpassed the Zacks Consensus Estimate of $344 million by 7.8%. The top line also improved 9.1% from the year-ago quarter’s $340 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 $323 million compared with $322 million in the year-ago period.
Total operating expenses amounted to $277 million, up 17.9% from the prior-year quarter’s figure of $235 million. This was due to an increase in the cost of operations.
Operating income came in at $94 million compared with the year-ago quarter’s $105 million.
CWEN incurred interest expenses of $48 million compared with $49 million in the prior-year period.
Financial Position
Clearway Energy had cash and cash equivalents of $566 million as of Sep 30, 2023, down from $657 million as of Dec 31, 2022.
Total liquidity as of Sep 30, 2023, was $1,645 million, up 20.4% from $1,366 million as of Dec 31, 2022.
Long-term debt as of Sep 30, 2023, was $6,995 million compared with $6,491 million as of Dec 31, 2022.
Net cash provided by operating activities in the first nine months of 2023 totaled $496 million compared with $607 million in the corresponding period of 2022.
The fourth-quarter quarterly dividend increased by 2% to 39.6 cents per share. The annual dividend per share recorded 8% growth in 2023. The company expects annual dividend per share growth in the upper range of 5% to 8% through 2026.
Guidance
Clearway Energy maintained its 2023 cash available for distribution (CAFD) guidance in the range of $330-$360 million.
The company issued its full-year 2024 CAFD guidance at $395 million. This reflects the new growth investments, improved availability and lower maintenance costs of the company.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy Partners, LP NEP recorded third-quarter 2023 operating earnings of 57 cents per unit, which surpassed the Zacks Consensus Estimate of 48 cents by 18.8%. The bottom line, however, declined 38.7% from 93 cents recorded in the year-ago quarter.
The consensus estimate for 2023 EPS stands at $1.18, implying a year-over-year decrease of 79%. The long-term earnings growth rate is pegged at 14.7%.
CNX Resources Corporation CNX reported third-quarter 2023 operating earnings of 35 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 34.6%. In the year-ago quarter, the company reported a loss of 54 cents per share.
The consensus estimate for 2023 EPS stands at $1.53, implying a year-over-year decrease of 45.6%. The long-term earnings growth rate is pegged at 5.6%.
Arch Resources Inc. ARCH reported third-quarter 2023 operating earnings per share of $3.91, which surpassed the Zacks Consensus Estimate of $3.26 by 19.9%. The bottom line, however, declined 54.9% from the year-ago quarter’s $8.68.
The consensus estimate for 2023 earnings stands at $24.11, implying a year-over-year decrease of 62.3%. The stock delivered an average earnings surprise of 24.45% in the last four quarters.
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