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 segment reported 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.
Guidance
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 of earnings of 48 cents.
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