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Mar 31, 2022
Hannon Armstrong Q1 2022 Earnings Report
Reported strong NII growth, demonstrating the effectiveness of the dual-revenue business model despite macroeconomic challenges.
Key Takeaways
Hannon Armstrong reported a strong first quarter in 2022, with GAAP EPS of $0.51 and Distributable EPS of $0.52, a 21% year-over-year increase. The company closed $331 million in investments, and the portfolio grew 28% year-over-year to $3.7 billion. They also reaffirmed guidance for Distributable Earnings Per Share to grow at a compound annual rate of 10% to 13% from 2021 to 2024.
GAAP EPS was $0.51, compared to $0.61 for the same period in 2021.
Distributable EPS was $0.52, a 21% increase year-over-year.
Investments closed totaled $331 million, compared to $188 million in the same period in 2021.
Portfolio grew 28% year-over-year to $3.7 billion.
Forward Guidance
The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share. The Company also expects growth of annual dividends per share to be at a compounded annual rate of 5% to 8%.
Positive Outlook
- Yield on its existing portfolio
- Yield on incremental portfolio investments, inclusive of the Company’s existing pipeline
- The volume and profitability of 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
- General interest rate and market environment
- Ongoing and future impact of COVID-19
- Speed and efficacy of vaccine distribution on economic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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