Pattern Energy (PEGI) Tops Q4 EPS by 57c, Revenues Beat

Pattern Energy (NASDAQ: PEGI) reported Q4 EPS of $0.54, $0.57 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $147 million versus the consensus estimate of $137.54 million.

• Proportional gigawatt hours ("GWh") sold of 8,144 GWh
• Revenue of $541 million
• Net loss of $107 million
• Adjusted EBITDA of $359 million
• Cash available for distribution ("CAFD") of $172 million, which met full year guidance
• Declared a first quarter dividend of $0.4220 per Class A common share(1) or $1.688 on an annualized basis, subsequent to the end of the period, unchanged from the previous quarter's dividend
• Acquired 251 megawatts ("MW") of owned capacity in two facilities, Henvey Inlet Wind ("Henvey Inlet") in Ontario and Grady Wind ("Grady") in New Mexico
• Received $256 million in a private placement of 10.4 million shares of perpetual preferred stock (the "Series A Preferred Stock")
• Entered into a definitive merger agreement (the "Merger Agreement") announced November 4, 2019, through which Canada Pension Plan Investment Board ("CPP Investments") will acquire Pattern Energy in an all-cash transaction for $26.75 per share, and concurrently CPP Investments and Riverstone Holdings LLC ("Riverstone") entered into an agreement pursuant to which, at or following the completion of the proposed acquisition of Pattern Energy by CPP Investments, CPP Investments and Riverstone will combine Pattern Energy and Pattern Energy Group Holdings 2 LP ("Pattern Development") under common ownership, bringing together the operating assets of Pattern Energy with the world class development projects and capabilities of Pattern Development

"The assets continue to perform well with wind resource just below our long-term average during the quarter," said Mike Garland, CEO of Pattern Energy. "We met our 2019 full year guidance for CAFD and the business continues to perform in line with management's plan."

Financial Guidance

In light of the expected closing of the Merger Agreement, the Company is not providing a target range for 2020 full year cash available for distribution at this time. Moreover, the Company has not evaluated its 2020 performance outlook for cash available for distribution for (among other things) the effect of the Merger Agreement and other recent market conditions. For more information about the Company's cash available for distribution, refer to the definitive proxy statement the Company filed on February 4, 2020.

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

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