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New projects boost Pattern Energy's Q4, FY'17 adjusted EBITDA

Pattern Energy Group Inc. on March 1 reported adjusted EBITDA of $98.9 million for the fourth quarter of 2017, a $13.8 million increase from $85.1 million in the same quarter of 2016, thanks to higher revenues resulting from projects acquired during 2017.

The S&P Capital IQ consensus estimate for fourth-quarter 2017 adjusted EBITDA was $92.7 million.

Fourth-quarter cash available for distribution grew to $41.9 million, from $36.2 million a year earlier, while revenues rose to $110.7 million, from $81.1 million in the comparable quarter of 2016.

The independent power producer recorded a fourth-quarter 2017 net loss attributable to the company of $8.0 million, or a loss of 8 cents per share, compared with net income of $13.8 million, or 16 cents per share, in the corresponding quarter of 2016.

Electric sales were up to 2,123,628 MWh on a proportional basis in the quarter, from 1,817,651 MWh in the prior-year period. The increase was primarily due to the start of commercial operations at the Broadview projects in April 2017 and the acquisition of Meikle in the third quarter of 2017.

On a full-year basis, Pattern Energy's adjusted EBITDA grew to $343.7 million, from $304.2 million in 2016. Full-year revenues were up $411.3 million, compared with $354.1 million in 2016.

The S&P Capital IQ consensus estimate for 2017 adjusted EBITDA was $344.1 million.

Cash available for distribution for 2017 totaled $145.8 million, compared with $133.0 million in 2016. "We met our targeted CAFD range for the year, however the result was not as strong as we had anticipated primarily due to unexpected curtailments from one-time transmission repairs in Texas and Arizona, as well as weaker than expected wind resources at the very end of the year," Pattern Energy President and CEO Mike Garland said.

Pattern Energy's full-year net loss attributable to the company was $17.9 million, or 20 cents per share, in 2017, compared with the loss of $17.1 million, or 22 cents per share, in 2016.

Looking ahead, Pattern Energy is targeting annual cash available for distribution of $151 million to $181 million for 2018, representing an increase of 14% at the midpoint of the range compared with cash available for distribution in 2017.

"We continue to have many opportunities for growth; however, we intend to be disciplined in our approach toward new capital given the recent volatility in the capital markets and we intend to pursue alternatives for owning and managing quality projects," said Garland.

Pattern Energy will pay a first-quarter 2018 dividend of 42.2 cents per class A share April 30 to shareholders of record March 30. The dividend remains unchanged from the fourth-quarter 2017 dividend.