Pattern Energy (PEGI) Misses Q3 EPS by 11c, Revenues Beat

Pattern Energy (NASDAQ: PEGI) reported Q3 EPS of ($0.13), $0.11 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $118.4 million versus the consensus estimate of $115.6 million.

"It was another solid quarter with CAFD up more than three times the same period last year, which puts us in a great position to achieve our targeted CAFD(1) for the year," said Mike Garland, President of Pattern Energy. "We continue to take proactive measures to increase our CAFD without issuing common equity including, asset recycling, repowering Gulf Wind and the implementation of cost savings. During the quarter we sold El Arrayán at a premium to the multiple at which we trade and we are in the final stages of a second sale. This asset recycling provides us additional flexibility to make new investments in accretive opportunities, like the Mont Sainte-Marguerite acquisition or the Gulf Wind repowering, which increase CAFD. As the opportunity set at Pattern Energy Group 2 LP ("Pattern Development 2.0") continues to mature and grow, especially in exciting markets like Japan, our material ownership interest in the development business is a clear differentiator to other players in the market."

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

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