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Jun 30, 2021
Hannon Armstrong Q2 2021 Earnings Report
Reported strong growth in earnings, portfolio, and managed assets, driven by a robust programmatic investment platform and dual revenue model. Advocated for mandatory and standardized ESG disclosures to the SEC.
Key Takeaways
Hannon Armstrong announced second-quarter results, reporting GAAP EPS of $0.20 and Distributable EPS of $0.57. The company grew its portfolio by 43% year-over-year to $3.0 billion and managed assets by 29% year-over-year to $8.0 billion. They also declared a dividend of $0.35 per share.
GAAP EPS was $0.20, compared to $0.16 for the same period in 2020.
Distributable EPS was $0.57, compared to $0.40 for the same period in 2020.
Portfolio grew 43% year-over-year to $3.0 billion.
Managed assets grew 29% year-over-year to $8.0 billion.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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