NextEra Energy Partners, LP (NEP) has reported a 2,600 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $27 million, or $0.62 a share in the quarter, compared with $1 million, or $0.05 a share for the same period last year. Revenue during the quarter surged 61.74 percent to $186 million from $115 million in the previous year period. Total expenses were 57.53 percent of quarterly revenues, down from 58.26 percent for the same period last year. This has led to an improvement of 73 basis points in operating margin to 42.47 percent.
Operating income for the quarter was $79 million, compared with $48 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $174 million.
"NextEra Energy Partners' portfolio performed well during the third quarter, in line with our expectations, and we remain well-positioned to achieve the distribution per unit growth expectations that we've outlined," said Jim Robo, chairman and chief executive officer. "Our recently completed acquisition of an approximately 132-megawatt share of high-quality solar generation marks the third major acquisition this year from our sponsor, NextEra Energy Resources. NextEra Energy Partners has proved that it has strong access to the equity and debt markets, which aligns with our flexible and opportunistic approach to advance our growth strategy and deliver unitholder distributions consistent with the expectations we've outlined. The acquisition further demonstrates our ability to acquire assets at attractive yields that will be accretive for our investors, as well as the drop-down visibility and pipeline of growth opportunities that our sponsor provides, which we view as an important element of the NextEra Energy Partners value proposition. We continue to believe that the strength and track record of our sponsor is what sets NextEra Energy Partners apart from the other YieldCos in the space, and we feel as optimistic as we ever have as we close the year and head into 2017."
Operating cash flow improves significantly
NextEra Energy Partners, LP has generated cash of $247 million from operating activities during the nine month period, up 36.46 percent or $66 million, when compared with the last year period. The company has spent $1,220 million cash to meet investing activities during the nine month period as against cash outgo of $620 million in the last year period.
Cash flow from financing activities was $940 million for the nine month period, down 10.31 percent or $108 million, when compared with the last year period.
Cash and cash equivalents stood at $133 million as on Sep. 30, 2016, down 81.45 percent or $584 million from $717 million on Sep. 30, 2015.
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