8point3 Energy Partners LP (NASDAQ:CAFD) on Thursday reported second-quarter figures that were ahead of its guidance and reiterated its full-year forecast.
In the three months to the end of May, the US solar power yieldco made a net profit of USD 7.1 million (EUR 6.2m), versus a loss of USD 161,000 in the prior-year period. That was above the company's forecast of USD 3 million to USD 5 million. Revenue, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) and cash available for distribution (CAFD) were also higher than expected.
The table contains details of 8point3's Q2 performance and Q3 guidance.
Net profit (loss)
"We were pleased with our performance as we exceeded our key financial metrics for the second quarter in addition to raising our quarterly distribution by 3 percent," said chief executive Chuck Boynton.
The CEO added the company's portfolio continues to perform well. At the end of the quarter it consisted of interests in 945 MW of US solar assets. During the period, 8point3 waived the negotiating period with respect to First Solar Inc's (NASDAQ:FSLR) 280-MW California Flats and 40-MW Cuyama projects and First Solar now has the right to sell the projects to a third party.
8point3 said its sponsors, First Solar and SunPower (NASDAQ:SPWR), are continuing their strategic review of their stakes in the yieldco.
The company reiterated its fiscal 2016/17 guidance for revenue of USD 63.3 million-66.7 million, a net profit of USD 27 million-32.6 million, and CAFD of USD 91.5 million-101 million. 8point3 still expects a distribution growth rate of 12%.