NextEra Energy Partners, LP Reports Consolidated Preliminary Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year Ending December 31, 2018
January 26, 2018 at 07:33 am
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NextEra Energy Partners, LP announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total operating Revenue was $197 million against $191 million a year ago. Operating income was $65 million against $59 million a year ago. Income before income taxes was $58 million against $224 million a year ago. Net loss was $56 million against net income of $189 million a year ago. Net loss attributable to company was $91 million against net income attributable to company of $42 million a year ago. Loss per common unit attributable to company basic and assuming dilution was $1.67 against earnings per common unit attributable to company basic and assuming dilution of $0.78 a year ago. Adjusted EBITDA of $199 million.
For the full year, the company reported total operating Revenue was $807 million against $772 million a year ago. Operating income was $307 million against $299 million a year ago. Income before income taxes was $276 million against $437 million a year ago. Net income was $109 million against $380 million a year ago. Net loss attributable to company was $65 million against net income attributable to company of $82 million a year ago. Loss per common unit attributable to company basic and assuming dilution was $1.20 against $1.88 a year ago. Adjusted EBITDA of $743 million, representing growth of approximately 16% year-over-year.
For the full year 2018, the partnership's previously announced Dec. 31, 2018, run rate expectations, reflecting calendar year 2019 expectations for the forecasted portfolio at year-end 2018, for adjusted EBITDA of $1.05 billion to $1.20 billion are now $1.00 billion to $1.15 billion as a result of the reduction to the federal income tax rate. The Dec. 31, 2018, run rate range for CAFD of $360 million to $400 million remains unchanged. These expectations are net of expected incentive distribution rights fees, as these fees are treated as an operating expense.
NextEra Energy Partners, LP is a growth-oriented limited partnership. The Company owns a controlling, non-economic general partner interest and a 48.6% limited partner interest in NEP OpCo. Through NEP OpCo, the Company owns, or has a partial ownership interest in, a portfolio of contracted renewable energy assets consisting of wind, solar and solar-plus-storage projects and a stand-alone battery storage project, as well as contracted natural gas pipeline assets (pipeline investment).
NextEra Energy Partners, LP Reports Consolidated Preliminary Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year Ending December 31, 2018