Pattern Energy (PEGI) Misses Q3 EPS by 20c, Miss on Revenues

Pattern Energy (NASDAQ: PEGI) reported Q3 EPS of ($0.34), $0.20 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $92 million versus the consensus estimate of $111.6 million.

Highlights

(Figures reported below are for the third quarter of fiscal 2017, unless otherwise noted)

• Proportional gigawatt hours ("GWh") sold of 1,514 GWh
• Net cash provided by operating activities of $2.1 million
• Cash available for distribution ("CAFD") of $9.5 million, and on track to meet the narrowed full year guidance(1)
• Net loss of $48.4 million
• Adjusted EBITDA of $54.7 million
• Revenue of $92.0 million
• Declared a fourth quarter dividend of $0.422 per Class A common share or $1.69 on an annualized basis, subsequent to the end of the period, representing a 0.5% increase over the previous quarter\'s dividend
• Completed the acquisition of a 51% interest in the 179 MW Meikle Wind facility from Pattern Energy Group LP ("Pattern Development 1.0")(2) for a total investment of approximately $68 million
• Announced the addition of the 100 megawatt ("MW") Ishikari wind project in Japan to the Company\'s identified ROFO ("right of first offer") list, and as such the identified ROFO list now totals 1,150 MW of potential owned capacity
• Completed an equity offering of approximately $215 million in gross proceeds, subsequent to the end of the period

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

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