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Dec 31, 2021
Hannon Armstrong Q4 2021 Earnings Report
Reported strong growth in distributable earnings and increased dividend.
Key Takeaways
Hannon Armstrong reported strong Q4 and full year 2021 results, with distributable earnings per share growing by 21% for the year. The company increased and extended its guidance for distributable earnings and dividends through 2024, and raised the dividend to $0.375 per share for Q1 2022.
GAAP EPS was $1.51 in 2021, compared to $1.10 in 2020.
Distributable EPS was $1.88 in 2021, compared to $1.55 in 2020, representing 21% year-on-year growth.
Portfolio grew 24% in 2021 to $3.6 billion.
Managed assets grew 22% to $8.8 billion as of the end of 2021.
Revenue by Segment
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 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
- General interest rate and market environment
- Ongoing and future impact of COVID-19
- Speed and efficacy of vaccine distribution on economic conditions
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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