Solar panels in Spain. Author: Jordi Domènech i Arnau. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Atlantica Yield Plc (NASDAQ:ABY), previously Abengoa Yield, on Monday said it has delivered "strong operating results" in the third quarter (Q3) of 2016, with further adjusted EBITDA rising 21% year-on-year to USD 264.3 million (EUR 245.3m).
The yieldco vehicle's portfolio performed in line with expectations, according to the statement, and revenues increased 10% to USD 295.3 million.
In the nine-month period, further adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), including unconsolidated affiliates, grew 30% to USD 626.8 million, while revenues were up 32% to USD 763 million.
In the first nine months of 2016, the company's renewables assets generated 2,587 GWh, compared with 2,041 GWh in the same period of 2015 and revenues at that segment jumped 45% to USD 578.3 million. Renewables further adjusted EBITDA grew to USD 449 million from USD 322 million.
Atlantica Yield, which now says it is ready to restart growth, also owns conventional power, transmission lines and water assets.
Profit attributable to the company increased 28% to USD 33 million in the quarter while it declined in the nine-month period to USD 9.7 million from USD 25.2 million.
Cash available for distribution (CAFD) amounted to USD 53.8 million in Q3. The figure includes USD 21.2 million in dividends from an investment in ACBH, a Brazilian subsidiary of Abengoa, after an agreement has been negotiated with Abengoa.
In the nine-month period CAFD declined to USD 112.1 million, compared to USD 141.7 million a year ago.
The board has approved a quarterly dividend of USD 0.163 per share.