Clearway Energy Inc (CWEN.A) Reports Q3 2023 Financial Results
Clearway Energy Inc (NYSE:CWEN.A) reported Q3 2023 financial results, including Net Income of $15 million, Adjusted EBITDA of $323 million, and Cash from Operating Activities of $287 million.
The company increased the quarterly dividend by 2% to $0.3964 per share in Q4 2023, achieving 8% dividend per share growth in 2023.
Clearway Energy Inc (NYSE:CWEN.A) signed an agreement to invest in the 452 MW Texas Solar Nova solar projects and received offers to invest in 572 MW of solar plus storage projects.
The company reiterated its 2023 financial guidance range and initiated 2024 financial guidance.
Clearway Energy Inc (NYSE:CWEN.A) released its Q3 2023 earnings report on November 2, 2023. The company reported a net income of $15 million, adjusted EBITDA of $323 million, and cash from operating activities of $287 million. The company also announced an increase in the quarterly dividend by 2% to $0.3964 per share in the fourth quarter of 2023, achieving 8% dividend per share growth in 2023.
Financial Performance
Clearway Energy Inc (NYSE:CWEN.A) reported a net income of $15 million, a decrease from the same period in 2022 primarily due to non-cash tax expenses. Adjusted EBITDA was $323 million, in line with the previous year, while cash from operating activities was $287 million. The company's cash available for distribution (CAFD) was $156 million.
Investment in Renewable Energy Projects
The company signed an agreement to invest in the 452 MW Texas Solar Nova solar projects and received offers to invest in 572 MW of solar plus storage projects. These investments reflect the company's commitment to renewable energy and its ability to adapt to the current capital markets environment.
Dividend Growth
Clearway Energy Inc (NYSE:CWEN.A) increased the quarterly dividend by 2% to $0.3964 per share in the fourth quarter of 2023, achieving 8% dividend per share growth in 2023. The company continues to target annual dividend per share growth in the upper range of 5% to 8% through 2026.
Financial Guidance
The company reiterated its 2023 financial guidance range and initiated 2024 financial guidance. Clearway Energy Inc (NYSE:CWEN.A) expects 2023 full-year results to be within the revised guidance range and has made further progress on executing its long-term objective to deliver at the upper range of its dividend growth target through 2026 without external debt or equity.
Conclusion
Clearway Energy Inc (NYSE:CWEN.A)'s Q3 2023 financial results reflect the company's commitment to renewable energy and its ability to adapt to the current capital markets environment. The company's increased dividend and investment in renewable energy projects demonstrate its commitment to creating long-term value for its investors.
Explore the complete 8-K earnings release (here) from Clearway Energy Inc for further details.
This article first appeared on GuruFocus.
