Clearway Energy's (CWEN) 2018 Earnings and Revenues Up Y/Y

Clearway Energy Inc.CWEN reported 2018 earnings of 46 cents per share against a loss of 16 cents a year ago. The year-over-year improvement was due to growth investments made in 2018 and higher wind production than 2017.

Total Revenues

The company's total revenues in 2018 were $1,053 million, up 4.4% from $1,009 million reported a year ago.

Highlights of the Release

Interest expenses in fourth quarter amounted to $104 million, increasing 55.2% from the year-ago level.

During the quarter, Clearway Energy issued $600 million of 2025 Senior Notes, a portion of which was utilized to fund the repurchase of $352 million of the 2019 and 2020 Convertible Notes tendered.

Segment Details

Conventional segment contributed $28 million compared with $33 million in the year-ago quarter.

Renewables segmen t report ed a loss of $45 million compared with the prior-year figure of $49 million.

Thermal segment contributed $5 million, higher than the year-ago net income of $3 million.

Corporate segment reported a loss of $79 million, lower than the year-ago level of $84 million.

Financial Condition

Clearway Energy had cash and cash equivalents of $407 million as of Dec 31, 2018, up from $148 million in the corresponding period of 2017.

Long-term debt as of Dec 31, 2018 was $5,447 million, reflecting a decline from $5,659 million in the comparable year-ago period.

The company's net cash flow from operating activities during 2018 was $498 million compared with $517 million in 2017.


Clearway Energy expects 2019 Adjusted EBITDA at $995 million and Cash Available for Distribution to be $270 million. Net income in 2019 is expected to be $165 million.

Zacks Rank

Clearway Energy 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

Evergy, Inc. EVRG reported fourth-quarter 2018 operating earnings of 8 cents per share, lagging the Zacks Consensus Estimate of 24 cents by 66.7%.

Covanta Holding Corporation CVA reported fourth-quarter 2018 earnings of 4 cents per share, missing the Zacks Consensus Estimate of 7 cents by 42.86%.

NextEra Energy Partners, LP NEP incurred fourth-quarter 2018 loss of 39 cents per unit, lagging the Zacks Consensus Estimate o f earnings of 48 cents.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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