Clearway Energy Inc.
CWEN
recorded a fourth-quarter 2021 operating loss of 7 cents per share, which missed the Zacks Consensus Estimate for earnings of 17 cents by 141.2%. The bottom line declined 164% from the year-ago figure’s tally of 11 cents.
Clearway Energy reported 2021 earnings per share (EPS) of 44 cents, which lagged the Zacks Consensus Estimate of 68 cents by 35.3%. However, the bottom line increased 100% from the year-ago figure of 22 cents.
Revenues
Operating revenues of $318 million surpassed the Zacks Consensus Estimate of $291 million by 9.3%. The top line also improved 13.6% from $280 million in the prior-year quarter.
Clearway Energy’s total revenues for 2021 were $1,286 million, which surpassed the Zacks Consensus Estimate of $1,280 million by 0.5%. Total revenues improved 7.3% from the year-ago figure of $1,199 million.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
Clearway Energy, Inc. price-consensus-eps-surprise-chart
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Clearway Energy, Inc. Quote
Highlights of the Release
Total operating expenses for 2021 amounted to $1,019 million, up 17.7%from the year-ago figure of $866 million, due to an increase in operation and development costs.
Operating income was $267 million, down 20% year over year.
In 2021, CWEN reported interest expenses of $312 million, down 24.8% year over year.
Financial Position
Clearway Energy had cash and cash equivalents of $178 million as of Dec 31, 2021, down from $268 million on Dec 31, 2020.
Total liquidity as of Dec 31, 2021 was $821 million, down 8.2% from the Dec 31, 2020 level of $894 million.
Long-term debt as of Dec 31, 2021 was $6,939 million compared with $6,585 million on Dec 31, 2020.
Clearway Energy’s net cash provided from operating activities for 2021 was $701 million compared with $545 million in the year-ago period.
Guidance
Clearway Energy reiterated 2022 cash available for the distribution guidance of $395 million.
The sale of CWEN’s Thermal Business is on track to get closed in the first half of 2022 for an estimated value of $1.9 billion. With $1.35 billion in net proceeds, which will provide financial flexibility to complete new projects and boost the renewable portfolio.
Zacks Rank
Clearway Energy currently carries a Zacks Rank #5 (Strong Sell).
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Upcoming Releases
Algonquin Power & Utilities
AQN
is slated to report fourth-quarter 2021 earnings on Mar 3 after market close. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 21 cents.
Algonquin Power & Utilities’ long-term (three to five years) earnings growth is currently pegged at 8.7%. The Zacks Consensus Estimate for AQN’s 2022 earnings implies year-over-year growth of 4.5%.
Pampa Energia
PAM
is slated to report fourth-quarter 2021 earnings on Mar 10 after market close. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 82 cents.
Pampa Energia’s long-term earnings growth is currently pegged at 52.4%. The Zacks Consensus Estimate for PAM’s 2021 earnings implies year-over-year growth of 126.6%.
Global Water Resources Inc.
GWRS
is slated to report fourth-quarter 2021 earnings on Mar 10 before market open. The Zacks Consensus Estimate for the fourth quarter’s EPS is pegged at 1 cent.
Global Water Resources’ long-term earnings growth is currently pegged at 15%. The Zacks Consensus Estimate for GWRS’ 2022 earnings implies year-over-year growth of 6.7%.
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