Clearway Energy Reports Mixed Financial Performance in Latest 10-Q Filing

Clearway Energy, Inc. reported significant financial performance changes in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company achieved operating revenues of $486 million for the third quarter, a notable increase from $371 million in the same period of 2023. For the nine-month period, revenues rose to $1,115 million, compared to $1,065 million in the prior year. This growth was primarily driven by the Renewables segment, which contributed an additional $51 million, and gains from mark-to-market economic hedging activities.

Operating income for the third quarter surged to $178 million, up from $94 million year-over-year, while for the nine months, it decreased to $233 million from $285 million. The decline in nine-month operating income was attributed to increased operational costs, including a $19 million rise in operations and maintenance expenses and an $82 million increase in depreciation, largely due to recent acquisitions.

Net income for the third quarter was $27 million, compared to $15 million in the same quarter of 2023. However, the nine-month net income reflected a loss of $15 million, a significant drop from the $59 million profit reported in the same period last year. Notably, net income attributable to Clearway Energy, Inc. for the third quarter increased to $36 million from $4 million, while for the nine months, it rose to $85 million from $42 million.

The company’s total assets as of September 30, 2024, were $14,249 million, down from $14,701 million at the end of 2023. Current assets also decreased to $1,051 million from $1,560 million, with cash and cash equivalents falling to $292 million from $535 million. Total liabilities decreased to $8,616 million from $9,706 million, while total stockholders’ equity increased to $5,624 million from $4,994 million.

Clearway Energy has been active in acquisitions, including the purchase of Cedar Creek Holdco LLC for $117 million and Texas Solar Nova 2 for $112 million, both aimed at enhancing its renewable energy portfolio. The company also announced plans to acquire additional solar facilities, including Pine Forest TE Holdco LLC, for $136 million, expected to close in 2025.

The company’s liquidity position as of September 30, 2024, was approximately $1.27 billion, down from $1.51 billion at the end of 2023. Clearway Energy declared quarterly dividends of $0.4240 per share on October 29, 2024, reflecting its commitment to returning value to shareholders.