Loading...
•
Mar 31, 2020
NextEra Energy Partners Q1 2020 Earnings Report
Reported a net loss but maintained significant liquidity and access to capital.
Key Takeaways
NextEra Energy Partners reported a net loss of $222 million for Q1 2020, but adjusted EBITDA was $294 million and cash available for distribution (CAFD), excluding Desert Sunlight projects, was $130 million. The company maintains significant liquidity and expects no material financial or operational impacts from the COVID-19 pandemic. They also grew distributions approximately 15% year-over-year.
Partnership now expects it can achieve long-term distribution growth objectives without additional acquisitions until 2022, one year later than previously disclosed
Maintains significant liquidity and continued access to capital
Currently expects no material financial or operational impacts as a result of the COVID-19 pandemic
Grows distributions approximately 15% year-over-year
Forward Guidance
NextEra Energy Partners' expectations of run-rate adjusted EBITDA and CAFD for year-end 2020 remain unchanged. They continue to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024, and they now expect to be able to achieve its long-term distribution growth expectations without the need for additional asset acquisitions until 2022 at the earliest.
Positive Outlook
- Run-rate CAFD at Dec. 31, 2020, including full contributions from PG&E-related projects, is expected to be in a range of $560 million to $640 million
- Run-rate adjusted EBITDA at Dec. 31, 2020, is expected to be in a range of $1.225 billion to $1.4 billion
- Continue to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024
- Expect the annualized rate of the fourth-quarter 2020 distribution, which is payable in February 2021, to be in a range of $2.40 to $2.46 per common unit
- Now expects to be able to achieve its long-term distribution growth expectations without the need for additional asset acquisitions until 2022 at the earliest
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...