Pattern Energy Group (PEGI) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $5.65 million, or $ 0.06 a share in the quarter, against a net loss of $23.67 million, or $0.32 a share in the last year period.
Revenue during the quarter grew 15.05 percent to $100.83 million from $87.64 million in the previous year period. Gross margin for the quarter expanded 1402 basis points over the previous year period to 27.69 percent. Total expenses were 86.74 percent of quarterly revenues, down from 98.26 percent for the same period last year. This has led to an improvement of 1152 basis points in operating margin to 13.26 percent.
Operating income for the quarter was $13.37 million, compared with $1.52 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $98.20 million compared with $78.09 million in the prior year period. At the same time, adjusted EBITDA margin improved 828 basis points in the quarter to 97.39 percent from 89.10 percent in the last year period.
"Our fleet of high-quality wind assets continues to perform at a high level and production met our expectation for the quarter. As such, we are on track to achieve our CAFD target for 2017(2)," said Mike Garland, president and chief executive officer of Pattern Energy. "With the acquisition and commencement of commercial operations at Broadview, all 18 of our projects are fully operational, providing a total owned capacity in excess of 2.6 GW. We believe significant and diverse opportunities exist to expand our portfolio on an accretive basis. Acquisitions from our identified ROFO list provide near-term opportunities to grow our CAFD per share in a manner, and at a pace, that reflects the valuation of the business and our cost of capital. The opportunity to potentially invest in the development business, through Pattern Development 2.0(1), offers us secure access to high-quality assets from a proven platform that can grow our CAFD per share in the medium and long-term. We believe that the outlook for renewable energy has never been better and we have the business model to deliver sustainable and growing returns for our shareholders."
Operating cash flow improves significantly
Pattern Energy Group has generated cash of $43.75 million from operating activities during the quarter, up 197.21 percent or $29.03 million, when compared with the last year period.
Cash flow from investing activities was $2.68 million for the quarter as against cash outgo of $4.40 million in the last year period.
Cash flow from financing activities was $114.48 million for the quarter as against cash outgo of $40.71 million in the last year period.
Cash and cash equivalents stood at $270.28 million as on Mar. 31, 2017, up 129.56 percent or $152.54 million from $117.74 million on Mar. 31, 2016.
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