Clearway Energy(US:CWEN) ZACKSยท2024-10-30 15:20Core Insights - Clearway Energy Inc. (CWEN) reported third-quarter 2024 earnings of 31 cents per share, missing the Zacks Consensus Estimate of 48 cents by 35.4%, but showing a significant increase of 933% from 3 cents in the same quarter last year [1] - Total revenues reached $486 million, exceeding the Zacks Consensus Estimate of $442 million by 9.8%, and increased by 31% from $371 million in the previous year [2] Financial Performance - Adjusted EBITDA for the quarter was $354 million, up from $323 million in the year-ago period [3] - Operating costs and expenses totaled $308 million, an increase of 11.2% from $277 million a year ago, primarily due to higher depreciation, amortization, and accretion costs [4] - Operating income for the quarter was $178 million, compared to $94 million in the previous year [4] - Interest expenses rose to $139 million from $48 million in the year-ago quarter [4] Financial Position - As of September 30, 2024, cash and cash equivalents were $292 million, down from $535 million as of December 31, 2023 [5] - Total liquidity decreased to $1.27 billion from $1.5 billion as of December 31, 2023 [5] - Long-term debt was $6.73 billion, reduced from $7.48 billion as of December 31, 2023 [5] - Net cash provided by operating activities for the first nine months of 2024 was $578 million, compared to $496 million in the same period last year [6] Guidance - The company expects 2024 net income and adjusted EBITDA of $90 million and $1.18 billion, respectively [7] - Cash from Operating Activities is projected to be $830 million for 2024 [7] - Clearway Energy reaffirmed its guidance for 2024 cash available for distribution (CAFD) at $395 million [7] - For full-year 2025, the company initiated CAFD guidance of $400-$440 million and expects adjusted EBITDA in the range of $1.195-$1.235 billion [8] Zacks Rank - CWEN currently holds a Zacks Rank 2 (Buy) [9]