Atlantica Sustainable Infrastructure (AY) Reports Q1 Loss, Tops Revenue Estimates

Company Performance - Atlantica Sustainable Infrastructure reported a quarterly loss of $0.05 per share, better than the Zacks Consensus Estimate of a loss of $0.12, and an improvement from a loss of $0.09 per share a year ago, representing an earnings surprise of 58.33% [1] - The company posted revenues of $242.93 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 0.86%, and showing a slight increase from year-ago revenues of $242.51 million [1] - Over the last four quarters, Atlantica has surpassed consensus EPS estimates three times, indicating a positive trend in earnings performance [1] Market Comparison - Since the beginning of the year, Atlantica Sustainable Infrastructure shares have lost about 0.4%, while the S&P 500 has gained 8.8%, indicating underperformance relative to the broader market [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.29 on revenues of $311.16 million, and for the current fiscal year, it is $0.52 on revenues of $1.16 billion [4] - The estimate revisions trend for Atlantica is mixed, resulting in a Zacks Rank 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [4] Industry Context - The Alternative Energy - Other industry, to which Atlantica belongs, is currently in the top 34% of over 250 Zacks industries, indicating a favorable industry outlook [5] - Another company in the same industry, Brookfield Renewable Corporation, is expected to report a quarterly loss of $0.18 per share, with revenues projected at $1.49 billion, reflecting a year-over-year increase of 12.1% [5]