NextEra Energy Partners, LP
NEP
recorded second-quarter 2022 operating earnings per unit of $2.61, which surpassed the Zacks Consensus Estimate of 30 cents by 770%. The bottom line improved by 371.9% from the year-ago quarter’s loss of 96 cents per unit.
Revenues
For the second quarter of 2022, the firm’s operating revenues of $362 million missed the Zacks Consensus Estimate of $398 million by 9%. However, revenues improved by 43.1% year over year due to contributions from the new projects.
NextEra Energy Partners, LP Price, Consensus and EPS Surprise
NextEra Energy Partners, LP price-consensus-eps-surprise-chart
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NextEra Energy Partners, LP Quote
Highlights of the Release
NextEra Energy Partners’ total operating expenses in the second quarter were $256 million, up 43.8% from the year-ago quarter’s $178 million, due to an increase in the operating and maintenance expenses by 34.7%.
For the second quarter, the partnership’s operating income summed at $133 million, up 90% from $70 million in the year-ago period.
Net interest expenses were $414 million, up 223.2% from the year-ago quarter.
Financial Condition
NextEra Energy Partners had cash and cash equivalents worth $256 million as of Jun 30, 2022 compared with $147 million on Dec 31, 2021.
Long-term debt was $4,782 million as of Jun 30, 2022 compared with $5,294 million on Dec 31, 2021.
Net cash provided by operating activities in the first six months of 2022 was $409 million, 32.8% higher than $308 million in the year-ago period.
Distribution Update
The board of directors of NEP announced a quarterly distribution of 73.25 cents per unit. The new annualized rate is $3.05 per common unit. Cash distribution per common unit increased by nearly 15% on an annualized basis from the second quarter of 2021. The distribution will be payable on Aug 12, 2022 to unitholders of record as of Aug 4, 2022.
Guidance
NextEra Energy Partners expects 2022 EBITDA in the range of $1.785-$1.985 billion and CAFD within the $685-$775 million range.
NextEra Energy Partners continues to expect the annualized rate of the fourth-quarter 2022 distribution in the range of $3.17-$3.25 per common unit, which is payable in February 2023. The new rate is in sync with NEP’s expectation of 12-15% per-year growth in limited partner distributions through at least 2025, subject to the approval of the board of directors.
Zacks Rank
NextEra Energy Partners currently carries a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Upcoming Releases
TotalEnergies SE
TTE
is scheduled to announce second-quarter 2022 results on Jul 28 before market open. The Zacks Consensus Estimate for second-quarter earnings per share (EPS) is pegged at $3.8.
TotalEnergies’ long-term (three to five years) earnings growth is projected at 6.6%. The Zacks Consensus Estimate for TTE’s 2022 EPS indicates year-over-year growth of 100.5%.
Ameresco
AMRC
is scheduled to announce second-quarter 2022 results on Aug 1 after market close. The Zacks Consensus Estimate for second-quarter EPS is pegged at 47 cents.
Ameresco’s long-term earnings growth is projected at 25%. The Zacks Consensus Estimate for AMRC’s 2022 EPS indicates year-over-year growth of 25.2%.
Ormat Technologies
ORA
is scheduled to announce second-quarter 2022 results on Aug 3 after market close. The Zacks Consensus Estimate for second-quarter EPS is pegged at 23 cents.
Ormat Technologies’ long-term earnings growth is projected at 11%. ORA delivered an earnings surprise of 18.8% in the last reported quarter.
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