Clearway Energy (CWEN) Q3 Earnings & Revenues Miss Estimates
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-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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