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Mar 31, 2023
Hannon Armstrong Q1 2023 Earnings Report
Reported strong performance with record first quarter volume, increased pipeline, and consistent shareholder returns.
Key Takeaways
Hannon Armstrong announced its Q1 2023 results, reporting GAAP diluted EPS of $0.26 and Distributable EPS of $0.53. The company's portfolio increased by 9% during the quarter and 25% year-over-year, reaching $4.7 billion. Managed assets grew 15% year over year to $10.4 billion. The company affirmed its guidance for 10-13% annualized Distributable EPS growth and 5-8% dividend growth.
Achieved highest-ever first quarter volume and increased pipeline of investment opportunities.
Delivered 15% annual total shareholder return over the first ten years as a public company, outperforming the S&P 500.
Portfolio increased by 9% in the quarter and 25% in the last twelve months to $4.7 billion.
Distributable Earnings Per Share is expected to grow at a compound annual rate of 10% to 13% from 2021 to 2024.
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
- 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
- Regulatory environment
- Dynamics of the markets
- Judgments and estimates of the Company’s management team
Historical Earnings Impact
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Avg. Return Before/After Earnings
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