8point3 posts small loss in fiscal Q1, better than forecast

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.

As announced on Wednesday, 8point3’s sponsors First Solar Inc (NASDAQ:FSLR) and SunPower (NASDAQ:SPWR) are both reviewing alternatives with respect to their stakes in the yieldco. CEO Chuck Boynton said this process is not expected to have any impact on financial results for the year.

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.

(USD 1 = EUR 0.94)

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