Clearway Energy (CWEN) Lags Q4 Earnings Estimates, Ups View
Zacks Investment Research | Feb 26, 2020 09:49PM ET
Clearway Energy Inc. (NYSE:CWEN) reported fourth-quarter 2019 loss of 6 cents per share against the Zacks Consensus Estimate of earnings of 39 cents.
Total Revenues
The company's total revenues in 2019 were $1,032 million, declining 2% from the year-ago reported figure.
Highlights of the Release
On Dec 6, 2019, it closed the acquisition of the 527-MW Carlsbad Energy Center (Carlsbad) from Global Infrastructure Partners III (GIP) for a purchase price of $184 million plus the assumption of non-recourse debt of $803 million. This acquisition is expected to contribute asset CAFD on a five-year average annual basis of nearly $27 million beginning Jan 1, 2020.
During the quarter, the company raised $700 million of new corporate level capital to support growth investments and optimize the balance sheet.
Total operating expenses in 2019 amounted to $808 million, increasing 14.5% from the year-ago period.
Operating income in 2019 was $224 million, down 35.4% from the year-ago level.
Interest expenses in the full year amounted to $404 million, increasing 32% from the year-ago period.
Clearway Energy, Inc. Price, Consensus and EPS Surprise
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