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Jun 30, 2022
Hannon Armstrong Q2 2022 Earnings Report
Announced second quarter 2022 results, reporting Distributable EPS of $0.60 and GAAP EPS of $(0.21).
Key Takeaways
Hannon Armstrong reported a GAAP EPS of $(0.21) and Distributable EPS of $0.60 for the second quarter of 2022. The portfolio grew 30% YOY to $3.9 billion. The company reaffirmed guidance that Distributable Earnings Per Share is expected to grow at a compound annual rate of 10% to 13% from 2021 to 2024.
GAAP EPS was $(0.21) for the second quarter of 2022, compared with $0.20 for the same period in 2021.
Distributable EPS was $0.60 for the second quarter of 2022, compared to $0.57 for the same period in 2021, representing a 5% YOY increase
Distributable Net Investment Income for the second quarter of 2022 increased by 44% YOY to $47.9 million, compared to $33.2 million for the same period in 2021
The portfolio grew 30% YOY to $3.9 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
- market environment
- current expectations of the ongoing and future impact of COVID-19
Historical Earnings Impact
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Avg. Return Before/After Earnings
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