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Clearway Energy (CWEN) Q4 Earnings & Revenues Miss Estimates

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Zacks Equity Research
·3 min read
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Clearway Energy Inc. CWEN reported fourth-quarter 2020 earnings of 11 cents per share, which missed the Zacks Consensus Estimate of 86 cents by 87.2%. In the prior-year quarter, the company incurred a loss of 6 cents per share.

Total Revenues

The company's total revenues for fourth-quarter 2020 were $280 million, which lagged the Zacks Consensus Estimate of $296 million by 5.4%. However, total revenues improved 19.1% 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 2020 amounted to $866 million, increasing 7.2% year over year. Operating income was $333 million, up 48.7% year over year.

Interest expenses for 2020 were $415 million, increasing 2.7% year over year.

Clearway Energy continues to anticipate that there will be lower volumetric sales at the Thermal segment through 2021 due to the COVID-19 pandemic.

Financial Position

It had cash and cash equivalents of $268 million as of Dec 31, 2020, up from $155 million in the corresponding period of 2019. Total liquidity as of Dec 31, 2020 was $894 million, which was higher than the Dec 31, 2019 level of $842 million. The improvement was due to the release of previously restricted distributions from unconsolidated investments impacted by the PG&E bankruptcy, proceeds raised through corporate financings, distributions from non-recourse refinancing, along with the proceeds from the residential solar portfolio divestiture.

Long-term debt as of Dec 31, 2020 was $6,585 million, reflecting a 32.9% increase from $4,956 million in the comparable period of 2019.

The company's net cash flow from operating activities for 2020 was $545 million compared with $477 million in 2019.

Guidance

Clearway Energy reaffirmed its 2021 CAFD guidance of $325 million. Net income for 2021 is expected to be $140 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 reported earnings of 85 cents per unit for fourth-quarter 2020, beating the Zacks Consensus Estimate of 38 cents by 123.7%.

Enphase Energy, Inc. ENPH reported fourth-quarter 2020 adjusted earnings of 51 cents per share, beating the Zacks Consensus Estimate of 40 cents by 27.5%.

SolarEdge Technologies SEDG came out with fourth-quarter earnings of 98 cents per share, which beat the Zacks Consensus Estimate of 87 cents by 12.6%.

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