Clearway Energy (CWEN) Q4 Earnings & Revenues Miss Estimates
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-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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