Pattern Energy posts larger Q3 net loss, narrows CAFD guidance range

US wind power company Pattern Energy Group Inc (NASDAQ:PEGI) today adjusted its CAFD guidance for 2017, tightening it around the midpoint of the previously projected range.

Pattern Energy now expects cash available for distribution (CAFD) to be in the range of USD 145 million (EUR 124.5m) to USD 160 million, compared to its previous forecast for a range of USD 140 million to USD 165 million. The midpoint of the range represents a 15% rise from the 2016 result.

The move comes as the company reported a 53% year-on-year drop in the figure for the third quarter of 2017 and a 7.3% year-on-year increase in January-September 2017.

In the third quarter of 2017, Pattern Energy saw its net loss expand significantly to USD 48.4 million from USD 11.1 million a year back because of increases in cost of revenues driven by acquisitions, and other expense. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 12.2% on the year mainly due to higher transmission costs.

The table below gives more details about the company’s financial performance in the third quarter and first nine months of 2017.

Pattern Energy sold 1,513,997 MWh of electricity on a proportional basis in the third quarter of 2017 for a 3% year-on-year rise that is attributed to acquisitions made over the past 12 months. The contributions from the new plants were partially offset by unfavourable wind conditions. For the first nine months of 2017, it sold 5,663,782 MWh compared to 4,988,621 MWh a year earlier.

The company declared a fourth-quarter dividend of USD 0.422 per Class A common share or USD 1.69 on an annualized basis. This is a 0.5% increase over the previous quarter's dividend. It is payable on January 31, 2018, to holders of record on December 29, 2017.

(USD 1.0 = EUR 0.859)

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