Yahoo Finance Clearway Energy (CWEN) Q1 Earnings Beat Estimates, Sales Lag
Clearway Energy Inc. CWEN reported first-quarter 2021 earnings of 31 cents per share against the Zacks Consensus Estimate of a loss of 37 cents. In the prior-year quarter, the company incurred a loss of 24 cents per share.
Total Revenues
The company's total revenues for first-quarter 2021 were $237 million, which lagged the Zacks Consensus Estimate of $244 million by 2.9%. Total revenues also dropped 8.1% 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 first-quarter 2021 amounted to $251 million, increasing 21.8% year over year.
Interest expenses for the quarter were $45 million, decreasing 73% year over year.
Due to the COVID-19 pandemic, the company has implemented adequate measures to maintain safe and reliable operations at its facilities.
Financial Position
It had cash and cash equivalents of $144 million as of Mar 31, 2021, down from $268 million on Dec 31, 2020. Total liquidity as of Mar 31, 2021 was $831 million, down from the Dec 31, 2020 level of $894 million.
Long-term debt as of Mar 31, 2021 was $7,463 million compared with $6,585 million as of Dec 31, 2020.
The company's net cash flow from operating activities for first-quarter 2021 was $47 million compared with $87 million in year-ago period.
Guidance
Clearway Energy has reaffirmed its 2021 cash available for distribution guidance of $325 million.
Zacks Rank
The company currently carries a Zacks Rank #3 (Hold).
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 $2.66 per unit for first-quarter 2021, beating the Zacks Consensus Estimate of 39 cents by 582.1%.
Enphase Energy, Inc. ENPH reported first-quarter 2021 adjusted earnings of 56 cents per share, which surpassed the Zacks Consensus Estimate of 41 cents by 36.6%.
SolarEdge Technologies SEDG came out with first-quarter earnings of 98 cents per share, which lagged the Zacks Consensus Estimate of $1.01 by 2.9%.
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Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report
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