Wed, Sep. 30, 6:44 PM
- Initially off following its FQ3 report, 8point3 Energy (NASDAQ:CAFD) has since risen to $10.95. The First Solar/SunPower (FSLR, SPWR) YieldCo still trades well below its $21 June IPO price.
- 8point3 has used its report to declare a $0.157/share prorated (post-IPO) distribution for FQ3, and forecast a $0.22/share FQ4 distribution (up 3.5% Q/Q after adjusting for prorating). Cash available for distribution is expected to rise to $14.8M-$15.2M from FQ3's $6.7M, and GAAP revenue to $4.9M-$5.1M from $3.1M.
- Financials: FQ3 (ended Aug. 31) operating costs/expenses totaled $3.8M, nearly flat with the 3-month period ending Sep. 28, 2014. CAFD ended the quarter with $43.4M in cash, and $297.1M in long-term debt.
- CEO Chuck Boynton: "As of the end of the third quarter 2015, we had 301 MW in production and expect an additional 131 MW of projects to reach commercial operation by the end of the year. Specifically, our 108 MW Quinto project remains on track to reach commercial operation on Oct. 31, 2015 and is already generating test energy prior to commercial operation. Once our initial portfolio reaches commercial operation this year, our assets are expected to generate approximately $70 million in annual CAFD with an approximately 22-year average remaining contract term."
- FQ3 results, PR
SPWR vs. ETF Alternatives
Other News & PR