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Jun 30, 2020
Hannon Armstrong Q2 2020 Earnings Report
Reported a strong quarter with growth in core earnings and progress on full-year guidance.
Key Takeaways
Hannon Armstrong announced strong second-quarter results, demonstrating resilience despite COVID-19. Core earnings grew by 33% year-over-year, and the company remains on track to close more than $1 billion of transactions for the full year 2020. They also announced a partnership with ENGIE to invest up to approximately $540 million in wind and solar assets.
Delivered $0.16 GAAP EPS on a fully diluted basis.
Delivered $0.40 Core EPS (pre-CECL provision) and $0.36 Core EPS on a fully diluted basis.
Announced a partnership with ENGIE to invest up to approximately $540 million in a 2.3 GW portfolio of wind and solar assets.
Closed $178 million of transactions in the quarter and remain on track to close more than $1 billion of transactions for the full year 2020.
Forward Guidance
The Company expects that annual core earnings per share in 2020 (pre-CECL provision) will exceed the previously communicated guidance midpoint of $1.43, reflecting 2018 to 2020 annual Core EPS growth above the midpoint of the 2% to 6% from the 2017 baseline.
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 the current outbreak of COVID-19
- The general interest rate
- Market environment
- Volatility of the securities markets
Historical Earnings Impact
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Avg. Return Before/After Earnings
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