Pattern Energy (PEGI) Tops Q2 EPS by 10c, Revenues Miss

Pattern Energy (NASDAQ: PEGI) reported Q2 EPS of $0.34, $0.10 better than the analyst estimate of $0.24. Revenue for the quarter came in at $139.9 million versus the consensus estimate of $141.2 million.

• Proportional gigawatt hours ("GWh") sold of 2,263 GWh, up 7%
• Net cash provided by operating activities of $95.7 million
• Cash available for distribution ("CAFD") of $58.7 million, up 19% and on track to meet full year guidance(1)
• Net loss of $1.8 million
• Adjusted EBITDA of $108.4 million, up 18%
• Revenue of $139.9 million, up 30%
• Declared a third quarter dividend of $0.4220 per Class A common share or $1.688 on an annualized basis, subsequent to the end of the period, unchanged from the previous quarter\'s dividend
• Announced an agreement to sell the Company\'s operations in Chile, which principally consist of its 81 megawatt 9"MW") owned interest in the 115 MW El Arrayán Wind project ("El Arrayán Wind") for which Pattern Energy will receive cash consideration of $68.5 million
• Returned the Santa Isabel project in Puerto Rico to full generating capacity with the consent of the Puerto Rico Electric Power Authority ("PREPA")
• Since April 1, 2018, and including a funding to be made today, invested $50.9 million in Pattern Energy Group 2 LP ("Pattern Development 2.0"); Pattern Energy's ownership level will increase to approximately 29% following a redemption to occur shortly at Pattern Development 2.0

"It was a great quarter with CAFD up 19%, as production was solid and our disciplined cost management initiatives delivering results. We are on track to achieve our targeted CAFD(1) for the year," said Mike Garland, President and CEO of Pattern Energy. "At 29% ownership of Pattern Development 2.0, we will have achieved our target ownership level in the development business which we believe will provide meaningful value to shareholders. Our identified ROFO ("right of first offer") list with Pattern Development 2.0 has grown by four new projects since our original investment in June of last year. We anticipate the first realized development transaction gains by the end of 2018 or early 2019, and returns from those gains will be retained and reinvested in the development business. Developing, owning and operating one of the very best portfolios in the renewables market can be challenging, but we are in a great position to generate long-term value in this exciting market."

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

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