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Pattern Energy (PEGI) 2018 Earnings and Revenues Up Y/Y

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Pattern Energy GroupPEGI reported 2018 earnings of $1.45 per share versus a loss of 20 cents in 2017.

Total Revenues

Total 2018 revenues were $483 million compared with $411 million in 2017. The year-over-year increase in revenues was primarily due to higher electric sales.

Fourth-quarter revenues amounted to $113 million, which lagged the Zacks Consensus Estimate of $144 million by 21.5%. However, the figure improved 2.7% from $110 million reported in the prior-year quarter.

Pattern Energy Group Inc. Price, Consensus and EPS Surprise

Pattern Energy Group Inc. Price, Consensus and EPS Surprise | Pattern Energy Group Inc. Quote

Quarterly Highlights

Pattern Energy sold 1,966,677 megawatt hours ("MWh") of electricity on a proportional basis in fourth-quarter 2018 compared with 2,130,343 MWh in the corresponding period last year. The 8% decline was primarily due to a decrease in volume owing to the sale of El Arrayán and a reduction in Pattern Energy's proportional interest at Panhandle 2.

Total operating expenses in the reported quarter increased 40% from the year-ago level to $14 million.

The company incurred interest expenses of $28 million, in line with the year-ago figure.

Financial Highlights

As of Dec 31, 2018, the company had cash and cash equivalents of $101 million compared with $117 million in the comparable year-ago period.

Its long-term debt was $2,004 million as of Dec 31, 2018, up from the Dec 31, 2017 level of $1,879 million.

The company's cash flow from operating activities in 2018 was $279 million, up from $218 million recorded a year ago.

Guidance

Pattern Energy expects annual cash available for distribution in 2019 within $160-$190 million and 2020 cash available for distribution in the range of $185-$225 million.

Other Utility Releases

Algonquin Power & Utilities Corp. AQN reported fourth-quarter 2018 operating earnings of 14 cents per share, beating the Zacks Consensus Estimate by a penny.

NextEra Energy, Inc. NEE reported fourth-quarter 2018 adjusted earnings of $1.49 per share, which lagged the Zacks Consensus Estimate of $1.51 by 1.3%.

Duke Energy Corp. DUK reported fourth-quarter 2018 adjusted earnings of 84 cents per share, which missed the Zacks Consensus Estimate of 89 cents by 5.6%.

Zacks Rank

Currently, Pattern Energy has a Zacks Rank #4 (Sell).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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NextEra Energy, Inc. (NEE): Free Stock Analysis Report

Pattern Energy Group Inc. (PEGI): Free Stock Analysis Report

Duke Energy Corporation (DUK): Free Stock Analysis Report

Algonquin Power & Utilities Corp. (AQN): Free Stock Analysis Report

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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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