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Pattern Energy's Q1 adjusted EBITDA, revenue up YOY

Pattern Energy Group Inc. on May 10 reported adjusted EBITDA of $104.2 million in the first quarter, up from $98.2 million in the prior-year period.

The S&P Capital IQ consensus adjusted EBITDA estimate for the quarter was $101.3 million.

Cash available for distribution was $43.1 million, a drop from $45.1 million in the first quarter of 2017.

Revenue was $111.7 million, an increase from $100.8 million a year earlier. Pattern Energy sold 2,126,662 MWh of electricity on a proportional basis in the first quarter, compared with 2,038,159 MWh sold in the same period in 2017.

The independent renewable energy producer posted GAAP net income attributable to the company of $135.9 million, or $1.32 per share, increasing from $5.7 million, or 6 cents per share, in the year-ago quarter.

The company will pay a second-quarter dividend of 42.2 cents per class A common share July 31 to holders of record as of June 29.

Pattern Energy affirmed its 2018 annual cash available for distribution guidance of $151 million to $181 million.