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Dec 31, 2023
Hannon Armstrong Q4 2023 Earnings Report
Hannon Armstrong reported Q4 2023 earnings, featuring a dividend increase and new three-year guidance.
Key Takeaways
Hannon Armstrong reported strong financial results for Q4 2023, driven by record closed transactions. The company's GAAP net income was $89.8 million, or $0.74 per share, while distributable earnings were $60.6 million, or $0.53 per share. The company also announced an increase in its quarterly dividend to $0.415 per share and provided new guidance for annual distributable earnings per share growth of 8% - 10% from 2024 to 2026.
GAAP Net Income was $89.8 million, or $0.74 per share.
Distributable earnings were $60.6 million, or $0.53 per share.
Increased dividend to $0.415 per share for the first quarter of 2024.
Established new guidance that annual distributable earnings per share is expected to grow at a compounded annual rate of 8% - 10% during the years 2024 to 2026 relative to the 2023 baseline of $2.23 per share.
Forward Guidance
The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 8% to 10% from 2024 to 2026, relative to the 2023 baseline of $2.23 per share, which is equivalent to a 2026 midpoint of $2.89 per share. The Company also expects distributions of annual dividends per share from 2024 to 2026 to be set at a payout ratio of 60-70% of annual distributable earnings 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 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 environment
- Market environment
- Distributions are subject to approval by the Company’s Board of Directors on a quarterly basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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