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Hannon Armstrong
🇺🇸 NYSE:HASI
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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.

Total Revenue
$25M
Previous year: $23.6M
+5.8%
EPS
$0.57
Previous year: $0.36
+58.3%
Managed Assets
$8B
Previous year: $6B
+33.3%
Dividend per share
$0.35
Previous year: $0.34
+2.9%
Gross Profit
$58.9M
Previous year: $48.6M
+21.2%
Cash and Equivalents
$583M
Previous year: $542M
+7.6%
Total Assets
$3.94B
Previous year: $2.84B
+38.7%

Hannon Armstrong

Hannon Armstrong

Hannon Armstrong 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
  • Negative impacts from a continued spread of COVID-19, including on the U.S. or global economy or on our business, financial position or results of operations
  • Market trends in our industry, energy markets, commodity prices including continued low natural gas prices, interest rates, the capital markets or the general economy
  • Competition from other providers of capital

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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