"Clearway remains well positioned to achieve its 2024 financial objectives. We reported solid first quarter results highlighting the benefits of our fleet's geographic and technological diversification," said Craig Cornelius, Clearway Energy, Inc.'s incoming President and Chief Executive Officer. "Furthermore, we have made additional progress on the execution toward our long-term objectives with the commitments to invest in Dan's Mountain and Rosamond South and new resource adequacy contracts for our Conven ...

The S&P 500 currently has a 1.4% dividend yield. That's not very attractive for most income-seeking investors. The good news is that they have a lot of higher-yielding options. Many companies offer dividends yielding more than four times the S&P 500. However, investors must tread carefully when investing in stocks with ultra-high dividend yields since not all those payouts are sustainable. One that's more questionable is the monster yield offered by industrial giant 3M (MMM 0.50%). On the other hand, the bi ...

The US tax refund season brings positive news as the average IRS tax refund, currently at $3,182, reflects a 5.1% increase from last year. Despite a slight dip of 1.7% in the number of tax returns filed the U.S. Internal Revenue Service (IRS) reports a smooth and efficient start to tax filing season. With no major issues reported, the IRS assures that all systems are running well. While the number of tax refunds issued is down by 13.7% from the previous year, the total amount refunded remains substantial at ...

Despite recent troubles, it remains very difficult to argue against the future of clean energy stocks. Morningstar estimates that renewable energy will account for 45% of U.S. energy generation by 2032 — three times as much as it does now.Clean and renewable energy could account for an even higher percentage of generation if investments become more aggressive. In either scenario investors should understand that a dollar invested today has the potential to become several dollars in the future.The global push ...

Investment Rating - The report maintains an "Outperform" rating for Clearway Energy, indicating an expectation of relative performance exceeding the market benchmark over the next 12-18 months [1][5][30]. Core Insights - Clearway Energy reported a GAAP net loss of $73 million for the fourth quarter, significantly below the expected net income of $6.1 million. Adjusted EBITDA was $201 million, also below the forecast of $230.6 million. Revenue for the quarter was $249 million, which was lower than market expectations due to reduced wind power generation [1][2][3]. - The company reaffirmed its cash flow guidance for fiscal year 2024 at $395 million and aims for a mid-term cash flow outlook of $420 million, targeting a 5-8% growth in dividends per share (DPS) by 2026 [2][3]. - Despite a challenging year, Clearway Energy increased its dividend by 2% from $0.3964 per share in Q3 2023 to $0.4033 per share, supporting its DPS growth target [2][3]. Summary by Sections Financial Performance - For Q4 2023, Clearway Energy's net operating revenue was $249 million, down 33% quarter-over-quarter and 7% year-over-year. The gross profit was $136 million, reflecting a 43% decline from the previous quarter [3]. - The adjusted EBITDA for Q4 2023 was $201 million, a decrease of 49% from the previous quarter and 20% year-over-year, while the net loss under GAAP was $73 million, compared to a profit of $4 million in Q3 2023 [3][2]. Capacity Expansion - The company is progressing with capacity expansion, including investments in the Texas Solar Nova and Dans Mountain Wind projects, which will add 452 MW to its solar portfolio. The commercial operation date (COD) for Texas Solar Nova 1 has been achieved, with Texas Solar Nova 2 expected to announce its COD in the first half of 2024 [7][1].

Clearway Energy, Inc. (NYSE:CWEN) Q4 2023 Earnings Conference Call February 22, 2024 8:00 PM ET Company Participants Chris Sotos - President and Chief Executive Officer and Director Sarah Rubenstein - Executive Vice President and Chief Financial Officer Craig Cornelius - President and CEO of Clearway Energy Group Conference Call Participants Michael Lonegan - Evercore ISI Mark Jarvi - CIBC Justin Clare - Roth MKM Noah Kaye - Oppenheimer & Company Operator Good day. And thank you for standing by. Welcome to ...

Clearway Energy Inc. (CWEN) recorded fourth-quarter 2023 earnings of 32 cents per share, which surpassed the Zacks Consensus Estimate of 16 cents by 100%. The bottom line also improved 220% from the year-ago quarter’s level of 10 cents.Full-year 2023 earnings were 67 cents per share, down 86.6% from the previous year’s level of $4.99.RevenuesTotal revenues of $249 million missed the Zacks Consensus Estimate of $284 million by 12.2%. The top line also declined 7.1% from the year-ago quarter’s figure of $268 ...

Clearway Energy (CWEN) came out with quarterly earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 100%. A quarter ago, it was expected that this company created by NRG Energy to acquire and operate natural gas, solar and wind plants would post earnings of $0.55 per share when it actually produced earnings of $0 ...

▪ 4Q23 Financial Highlights Conventional: Strong availability Wind: Lower resource partially offset by timing of maintenance cap ex and other items Solar: Lower resource ▪ Continue to Maintain Balance Sheet Flexibility − No external capital needed to meet DPS growth objectives through 2026 given Thermal proceeds − Nearly 99% of consolidated long-term debt interest cost fixed with earliest corporate maturity in 2028 − Pro Forma credit metrics remain in-line with target ratings ▪ 2024 CAFD Guidance Factors In ...

Committed to approximately $215 million of new long-term corporate capital investments in 2023Signed contracts in last twelve months ensuring that 42% of the Resource Adequacy for Marsh Landing, Walnut Creek and El Segundo is contracted in 2027, with nearly 100% contracted through 2026Reaffirming 2024 financial guidanceIncreased the quarterly dividend by 1.7% to $0.4033 per share in the first quarter of 2024, or $1.61 per share annualizedContinue to target annual dividend per share growth in the upper range ...