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Pattern Energy cuts Q2 loss as revenues rise 30%

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Pattern Energy cuts Q2 loss as revenues rise 30%


August 9 (Solar) – Pattern Energy Group Inc (NASDAQ:PEGI) today reported a significant year-on-year reduction of its second-quarter (Q2) net loss and a 19.1% rise in cash available for distribution (CAFD), keeping the firm on track to meet its full-year forecast.

The US wind and solar power company posted a net loss of USD 1.8 million (EUR 1.55m) for April-June 2018 compared to a deficit of USD 14.7 million for the same period of 2017. It explained the improvement with a 30% increase in revenues, aided by the acquisitions made this and last year, and a reduction of general and administrative expenses.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 18% to USD 108.4 million, again because of the revenue rise.

"It was a great quarter with CAFD up 19%, as production was solid and our disciplined cost management initiatives delivering results. We are on track to achieve our targeted CAFD for the year," said Mike Garland, president and CEO of Pattern Energy.

The table below gives more details about the company’s performance in the second quarter and first half of 2018.

Figures in USD Q2 2018 Q2 2017 H1 2018 H1 2017
Revenues 139.9m 107.8m 251.6m 208.6m
Adjusted EBITDA 108.4m 91.9m 212.6m 190.1m
Net profit (loss) (1.8m) (14.7m) (14.4m) (12.1m)
CAFD 58.7m 49.2m 101.7m 94.4m

In April-June 2018, the company sold 2,263 GWh of electricity on a proportional basis compared to 2,112 GWh a year back.

Pattern Energy re-confirmed its full-year guidance for CAFD of between USD 151 million and USD 181 million, and declared a dividend of USD 0.4220 per Class A common share for the third quarter of 2018. The distribution will be made on October 31, 2018, to holders of record on September 28, 2018.

(USD 1.0 = EUR 0.863)


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