Pattern Energy GroupPEGI 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
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).
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