8point3 Energy Partners LP reported fiscal third-quarter 2017 adjusted EBITDA of $53.5 million Oct. 4, compared with $32.9 million in the third quarter of fiscal 2016.
Cash available for distribution was up to $33.2 million for the quarter that ended August 31, from $24.1 million for the corresponding quarter. The partnership's total revenues were $27.7 million for the most recent quarter, compared with $26.1 million for the third quarter of fiscal 2016.
8point3 Energy's net income attributable to class A shares was $7.5 million, or 27 cents per diluted class A share, down from $7.6 million, or 38 cents per diluted class A share, in the same quarter of fiscal 2016.
The partnership will pay a third-quarter 2017 cash distribution of 27.21 cents per class A share Oct. 13 to shareholders of record as of Oct. 3.
The partnership noted it did not utilize its $125 million at-the-market equity offering program during the third quarter.
"The stable performance of our high-quality solar portfolio enabled us to exceed our financial goals for the quarter and raise our quarterly distribution for the ninth consecutive quarter," 8point3 Energy Partners CEO Chuck Boynton said.
The partnership is targeting fiscal fourth-quarter 2017 revenue of $12.0 million to $15.0 million, net income of $1.5 million to $4.0 million, adjusted EBITDA of $22.0 million to $25.0 million and cash available for distribution of $32.0 million to $35.0 million. The distribution guidance for the fiscal fourth quarter is 28.02 cents per share, a forecast 3% increase over the third-quarter distribution.
The partnership raised its fiscal 2017 guidance and expects revenue of $66.5 million to $69.5 million, net income of $32.0 million to $34.5 million, adjusted EBITDA of $117.0 million to $120.0 million and cash available for distribution of $106.0 million to $109.0 million. 8point3 reiterated its expected distribution growth rate at 12% for fiscal year 2017.
8point3 Energy Partners is a limited partnership formed by First Solar Inc. and SunPower Corp. to own, operate and acquire solar energy projects.