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Mar 31, 2021
Hannon Armstrong Q1 2021 Earnings Report
Announced first quarter results and declared dividend.
Key Takeaways
Hannon Armstrong reported strong first quarter results with GAAP EPS of $0.61 and Distributable EPS of $0.43. The company grew its portfolio by 38% year-over-year to $2.9 billion and managed assets by 19% to $7.4 billion. They also declared a dividend of $0.35 per share.
Delivered $0.61 GAAP EPS on a fully diluted basis.
Delivered $0.43 Distributable EPS on a fully diluted basis.
Grew Portfolio 38% YOY to $2.9 billion and Managed Assets 19% to $7.4 billion.
Declared dividend of $0.35 per share.
Forward Guidance
The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 7% to 10% from 2021 to 2023, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2023 midpoint of $1.98 per share. The Company also expects that annual dividends per share will grow at a compound annual rate of 3% to 5% from 2021 to 2023, relative to the 2020 baseline of $1.36 per share, which is equivalent to a 2023 midpoint of $1.53 per share.
Positive Outlook
- Yield on its existing Portfolio
- Yield on incremental Portfolio investments, inclusive of the Company’s existing pipeline
- The volume and profitability of securitization transactions
- Amount, timing, and costs of debt and equity capital to fund new investments
- Changes in costs and expenses reflective of the Company’s forecasted operations
Challenges Ahead
- The ongoing impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions
- The general interest rate and market environment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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