TerraForm Power Inc. on March 14 reported fourth-quarter 2018 adjusted EBITDA of $170 million, an increase from $110 million in the same quarter of 2017. The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the quarter was $179.7 million.
Cash available for distribution was $27 million, or 13 cents per share, compared with $26 million, or 18 cents per share, in the fourth quarter of 2017. The company narrowed fourth-quarter net loss $30 million, or 7 cents per share, from a loss of $142 million, or 31 cents per share, a year earlier.
Generation for the quarter totaled 2,214 GWh, up from 1,852 GWh in the year-ago period.
For the full year of 2018, TerraForm Power posted adjusted EBITDA of $590 million, an increase from $438 million a year ago. The S&P Global Market Intelligence consensus adjusted EBITDA estimate was $600.2 million.
Cash available for distribution increased to $126 million, or 69 cents per share, in 2018, from $88 million, or 62 cents per share, in the previous year.
The company booked a net loss of $153 million, or earnings of 7 cents per share, in 2018. These compare to net losses of $236 million, or $1.61 per share, in 2017.
Generation totaled 8,088 GWh in 2018, compared with 7,167 GWh in 2017.
TerraForm Power will pay a quarterly dividend on its class A common stock of 20.14 cents per share on March 29 to stockholders of record March 24.
TerraForm Power is sponsored by Brookfield Asset Management Inc.