Pattern Energy (PEGI) Misses Q2 EPS by 3c, Miss on Revenues

Pattern Energy (NASDAQ: PEGI) reported Q2 EPS of $0.16, $0.03 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $107.8 million versus the consensus estimate of $124.02 million.

Highlights (Comparisons made between fiscal Q2 2017 and fiscal Q2 2016 results, unless otherwise noted)

• Proportional gigawatt hours ("GWh") sold of 2,112 GWh, up 23%
• Net cash provided by operating activities of $113.4 million, up 105%
• Cash available for distribution ("CAFD") of $49.2 million, up 39% and on track to meet full year guidance(1)
• Net loss of $14.7 million, an improvement of 6%
• Adjusted EBITDA of $91.9 million, up 17%
• Revenue of $107.8 million, up 15%
• Declared a third quarter dividend of $0.4200 per Class A common share or $1.68 on an annualized basis, subsequent to the end of the period, representing a 0.5% increase over the previous quarter\'s dividend
• Announced increased opportunities for growth and improved alignment with Pattern Development(2) as it secured up to $1 billion in long-term funding commitments to expand its development business to 10 gigawatts ("GW"), including a $60 million minority investment made by Pattern Energy for an approximate 20% interest in Pattern Development 2.0, ensuring the Company access to an exclusive project pipeline and enhancing alignment with the development business
• Announced a strategic co-investment relationship with the Public Sector Pension Investment Board ("PSP Investments") in which PSP Investments will co-invest up to $500 million in projects acquired by Pattern Energy under the Company\'s right-of-first-offer ("ROFO") with Pattern Development
• Announced Pattern Energy will acquire the Meikle and Mont Sainte-Marguerite projects with PSP Investments, and sell a partial interest in the Panhandle 2 Wind project to PSP Investments

2017 Financial Guidance

Pattern Energy is re-confirming its targeted annual cash available for distribution for 2017 within a range of $140 million to $165 million, representing an increase of 15% at the midpoint of the range, compared to cash available for distribution in 2016. As noted above, forward-looking cash available for distribution is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure without unreasonable effort for the reasons stated above.

For earnings history and earnings-related data on Pattern Energy (PEGI) click here.

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