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Clearway Energy adjusted EBITDA drops in Q2'19

Clearway Energy Inc. on Aug. 6 reported second-quarter 2019 adjusted EBITDA of $278 million, down from $304 million in the prior-year period.

The S&P Global Market Intelligence consensus estimate for the most recent quarter was $273.0 million.

Cash available for distribution dropped to $68 million from $98 million in the comparable 2018 quarter. Cash from operating activities also fell year over year to $89 million from $116 million.

Net loss attributable to the company was $24 million, or negative 22 cents per class A and class C share, compared to net income of $79 million, or 77 cents per share, in the same quarter a year earlier

Operating revenues totaled $284 million, down from $307 million in the year-ago quarter. The company also reported operating income of $87 million, a drop from $144 million a year earlier.

Clearway Energy reduced its 2019 cash available for distribution guidance to $250 million.

"Despite the Company's current year financial outlook having been impacted by challenging renewable resource conditions in the first half of the year and the June outage at the CVSR facility, the prospects for long term growth at Clearway Energy remain clear as [Global Infrastructure Partners III's] sponsorship continues to provide new accretive investment opportunities," President and CEO Christopher Sotos said.