Pattern Energy (PEGI -0.7%) reported Q1 net loss of $30M vs. profit of $136M last year, and the downside was caused by losses at existing projects, divestitures in 2018, derivative losses and net loss in the development investment segment; revenues reached $135M, up 21% Y/Y.
Sold 2,115,855 MWh of electricity on a proportional basis, which was down 1% primarily due to lower volume as a result of divestitures in 2018 and unfavorable wind conditions, partially offset by volume increases due to acquisitions in 2018 and less curtailment and congestion.
Cash available for distribution of $53M is up 23%.
Overall the company witnessed lower profitability, with adjusted EBITDA declined 6% to $98M, gross profit down 60% to $6M and operating loss of $9M.
The company reaffirms cash available for distribution for 2019 of ~$160M-$190M, and for 2020, expects annual cash available for distribution in a range of $185M to $225M
Previously: Pattern Energy misses by $0.29, misses on revenue (May 10)
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