Pattern Energy posts 18% YOY increase in Q2 adjusted EBITDA

By S&P Global Market Intelligence
August 9, 2018
S&P Global

Pattern Energy Group Inc. on Aug. 9 reported adjusted EBITDA of $108.4 million in the second quarter, up from $91.9 million in the prior-year period.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the most recent quarter was $100.1 million.

Cash available for distribution was $58.7 million, up from $49.2 million in the second quarter of 2017. "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 Pattern Energy President and CEO Mike Garland.

Revenue was $139.9 million, an increase from $107.8 million a year earlier. Pattern Energy sold 2,262,811 MWh of electricity on a proportional basis in the second quarter, compared with 2,111,627 MWh sold in the same period last year.

The independent renewable energy producer posted GAAP net income attributable to the company of $32.7 million, or 34 cents per share, increasing from $14.2 million, or 16 cents per share, in the year-ago quarter.

The company will pay a third-quarter dividend of 42.2 cents per class A common share on Oct. 31 to holders of record Sept. 28.

Looking ahead, Pattern Energy reaffirmed its 2018 annual cash available for distribution guidance range of $151 million to $181 million.