8point3 posts small loss in fiscal Q1, better than forecast
Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.
8point3 Energy Partners LP (NASDAQ:CAFD) reported a net loss of USD 5.3 million (EUR 5m) for the three months to February 28, versus a net profit of USD 4.2 million in the preceding quarter.
Still, the loss for the first quarter of the US solar power yieldco's fiscal 2016/17 was smaller than it previously expected. Revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) were also higher than forecast, but fell in quarter-on-quarter terms.
The table below contains the forecast and first-quarter result reported on Wednesday, results from the previous quarter, and the yieldco’s forecast for the three months to end-May 2017.
As of the end of February, 8point3’s portfolio consisted of interests in 945 MW of US solar parks, including the recently bought 34% stake in the 300-MW Stateline project.
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 cash available for distribution (CAFD) of USD 91.5 million-101.0 million. 8point3 also expects a distribution growth rate of 12%.
The board of directors of the partnership's general partner has declared a cash distribution for Class A shares of USD 0.2565 per share for the first fiscal quarter. Shareholders of record as of April 4 will receive it on April 14. The yieldco forecasts Q2 distribution of USD 0.2642 per share.