Pattern Energy Group PEGI reported a loss of 31 cents in the first quarter 2019, versus earnings of $1.32 per share in the year-ago quarter. The Zacks Consensus Estimate for earnings was pegged at 12 cents.
The downside was caused by losses at existing projects, divestitures in 2018, derivative losses and net loss in the development investment segment.
First-quarter revenues amounted to $135 million, which lagged the Zacks Consensus Estimate of $150 million by 10%. However, the figure improved 20.5% from $112 million reported in the prior-year quarter.
Pattern Energy Group Inc. Price, Consensus and EPS Surprise
Pattern Energy Group Inc. price-consensus-eps-surprise-chart | Pattern Energy Group Inc. Quote
Pattern Energy sold 2,115,855 megawatt hours (MWh) of electricity on a proportional basis compared with 2,135,715MWh in the year-ago quarter. The 1% decline was primarily caused by volume decreases stemming from divestitures in 2018 and unfavorable wind conditions.
Total operating expenses amounted to $15 million in line with the year-ago quarters level.
The company incurred interest expenses of $26 million compared with $25 million in the year-ago quarter.
As of Mar 31, 2019, the company had cash and cash equivalents of $93 million compared with $101 million Dec 31, 2018.
Its long-term debt was $2,045 million as of Mar 31, 2019, up from the Dec 31, 2018 level of $2,004 million.
The company’s cash flow from operating activities in the first quarter was $8 million, down from $28 million recorded in the year-ago quarter.
Pattern Energy reaffirmed 2019 annual cash available for distribution in the range of $160-$190 million. The company also reaffirmed 2020 cash available for distribution in the band of $185-$225 million.
Other Utility Releases
DTE Energy Company DTE delivered first-quarter 2019 operating earnings per share of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%
NextEra Energy, Inc NEE generated first-quarter 2019 adjusted earnings of $2.20 per share, which beat the Zacks Consensus Estimate of $2.01 by 9.4%.
FirstEnergy Corporation FE delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.
Currently, Pattern Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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