Clearway Energy, Inc. ( ($CWEN.A) ) has realeased its Q3 earnings. Here is a breakdown of the information Clearway Energy, Inc. presented to its investors.
Clearway Energy, Inc., a leading U.S. clean energy provider with a diverse portfolio of wind, solar, and energy storage assets, focuses on delivering stable and growing dividends to its investors.
In its third quarter of 2024 financial report, Clearway Energy, Inc. announced a net income of $27 million and adjusted EBITDA of $354 million. The company also reported $301 million in cash from operating activities and cash available for distribution amounting to $146 million. Clearway highlighted its expansion initiatives with agreements to invest in significant solar and storage projects, indicating strategic growth in renewable energy.
Key financial metrics revealed a mixed performance compared to the previous year. While net income increased, cash available for distribution saw a slight decrease due to the expiration of certain agreements, despite contributions from growth investments. The company also reaffirmed its 2024 financial guidance and introduced a 2025 guidance, signaling confidence in sustained growth. Additionally, the board announced a 1.7% increase in the quarterly dividend, reflecting a commitment to returning value to shareholders.
Looking ahead, Clearway Energy is well-positioned to meet its financial objectives for 2024, with a robust growth outlook extending into 2025. With strategic investments in solar and storage projects, the company aims to achieve significant annual growth in cash available for distribution, building a solid foundation for long-term success.
