Sky Solar Holdings (SKYS) Misses Q4 EPS by 24c

Sky Solar Holdings (NASDAQ: SKYS) reported Q4 EPS of ($1.31), $0.24 worse than the analyst estimate of ($1.07). Revenue for the quarter came in at $8.2 million versus the consensus estimate of $7.3 million.

Pipeline Analysis

As of December 31, 2014, the Company owned and operated 65.1 MW of IPP assets, compared to 51.8 MW at the end of the third quarter, and 43.3 MW at the end of 2013.

The Company had 47.5 MW of projects under construction at the end of the quarter, an increase of 110% as compared to the 22.6 MW under construction at the end of the third quarter. The majority of projects under construction are in Japan, where the Company is building 36.5 MW of capacity. In Uruguay, the Company had 9.4 MW of projects under construction, and in Canada 1.6 MW of projects under construction.

In total, the Company had 1.3 GW of projects in various stages of development, which include the projects under construction described above as well as 291.2 MW of shovel-ready projects and more than 1.0 GW of projects in earlier-stage pipeline.

During the fourth quarter, the Company announced its intention to enter the China market. The Company is evaluating the acquisition of operating assets that could meaningfully increase its revenue and pipeline.

In addition, in December 2014, the Company announced two key developments in financing for projects in two important growth markets: (i) the approval of a syndicate of loans led by the Inter-American Development Bank that will provide over $50.1 million in debt financing; and (ii) the closing of a CAD3.7 million ($3.2 million) 15-year loan at 5.75% from PNC Bank, representing the first tranche in a CAD21.7 million ($18.7 million) loan financing package.

For earnings history and earnings-related data on Sky Solar Holdings (SKYS) click here.

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