Pattern Energy Group PEGI posted second-quarter 2018 operating earnings of 34 cents per share, beating the Zacks Consensus Estimate of 8 cents by a whopping 325.0%. The figure also improved by a large extent from 16 cents reported in the year-ago quarter.
The year-over-year improvement in earnings was due to a decline in general and administrative expenses, along with gains from the acquisitions made in 2017 and 2018.
Pattern Energy Group Inc. Price, Consensus and EPS Surprise
Pattern Energy Group Inc. Price, Consensus and EPS Surprise | Pattern Energy Group Inc. Quote
Total revenues of $139.9 million lagged the Zacks Consensus Estimate of $144 million by 2.8%. Total revenues however improved from $107.8 million reported in the prior-year quarter.
Pattern Energy sold 2,262,811 megawatt hours ("MWh") of electricity on a proportional basis in the second quarter of 2018 compared with 2,111,627 MWh in the same period last year.
Total operating expenses in the reported quarter increased 10.6% from the year-ago quarter to $16.9 million.
The company incurred interest expenses of $27.7 million, up 11.5% from the year-ago quarter.
As of Jun 30, 2018, the company had cash and cash equivalents of $116.5 million compared with $116.7 million on Dec 31, 2017.
Its long-term debt was $1,923.7 million as of Jun 30, 2018, up from the Dec 31, 2017 level of $1,878.7 million.
The company's cash flow from operating activities in the first half of 2018 was $123.5 million, down from $157.2 million recorded in first-half 2017.
Pattern Energy reaffirmed its targeted annual cash available for distribution for 2018 within $151-$181 million.
Atlantic Power Corporation AT reported operating earnings of 6 cents per share in the second quarter of 2018 against the Zacks Consensus Estimate of a loss of 8 cents.
WEC Energy Group Inc. WEC reported operating earnings of 77 cents per share in the second quarter of 2018, beating the Zacks Consensus Estimate of 66 cents by 10.6%.
DTE Energy DTE reported second-quarter 2018 operating earnings per share of $1.36, which beat the Zacks Consensus Estimate of $1.11 by 22.5%
Currently, Pattern Energy Group 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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