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Jun 30, 2024
Hannon Armstrong Q2 2024 Earnings Report
Achieved key milestones, including a strategic partnership with KKR and a second investment grade rating, positioning the company to capitalize on the growing demand for clean energy.
Key Takeaways
HA Sustainable Infrastructure Capital, Inc. (HASI) reported a strong second quarter of 2024, marked by a new strategic partnership with KKR and a second investment grade rating. Managed assets increased to $13.0 billion, and the portfolio grew to $6.2 billion. The company closed $260 million in transactions during the quarter and reported GAAP EPS of $0.23 and Adjusted EPS of $0.63.
Launched a new strategic partnership with KKR, targeting co-investment of $2 billion in sustainable infrastructure projects over 18 months.
Enabled first investment grade bond issuance with a coupon of 6.375% after receiving a second investment grade rating.
Increased managed assets by 21% year-over-year to $13.0 billion and portfolio by 27% year-over-year to $6.2 billion.
Closed transactions of $260 million in the second quarter, consistent with the first half of 2023.
Forward Guidance
HASI confirms its guidance for adjusted earnings per share and dividend payout ratio, expecting annual adjusted EPS to grow at a compounded annual rate of 8% to 10% from 2024 to 2026, with a dividend payout ratio between 60% and 70% of annual adjusted EPS.
Positive Outlook
- Yield on existing portfolio.
- Yield on incremental portfolio investments, inclusive of 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 forecasted operations.
Challenges Ahead
- General interest rate environment.
- General market environment.
- Judgments and estimates of future performance.
- Potential changes in costs and expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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