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TerraForm Power Q2 adjusted EBITDA rises YOY but misses estimates

TerraForm Power Inc. on Aug. 8 reported second-quarter 2019 adjusted EBITDA of $196 million, up from $128 million in the comparable quarter of 2018.

The S&P Global Market Intelligence consensus EBITDA estimate for the quarter was $202.7 million.

Cash available for distribution totaled $47 million, or 22 cents per share, compared with $30 million, or 19 cents per share, a year ago.

The company narrowed second-quarter net losses to $17 million, or 2 cents per share, in 2019, from $28 million, or 13 cents per share, a year earlier.

Second-quarter generation rose to 2,450 GWh from 2,036 GWh a year ago.

TerraForm Power will pay a quarterly dividend of 20.14 cents per class A common share on Sept. 17 to stockholders of record Sept. 3.

Additionally, the company's board authorized the renewal, for a period of approximately one year, of a program to repurchase up to 5% of the company's class A common stock outstanding as of July 25.

TerraForm Power is sponsored by Brookfield Asset Management Inc.