Atlantica Sustainable Infrastructure reports Q2 EPS 18c, consensus 34c

Reports Q2 revenue $328.3M, consensus $326.45M. The company said, “Production in the renewable business portfolio decreased by 4.6% for the first half of 2024 compared with the first half of 2023. Production increased in our U.S. solar assets mainly due to higher availability of the Solana storage system. Production also increased in our wind assets in the U.S. due to higher wind resource in the first half of 2024 compared to the same period of 2023. In South America, production increased due to higher production in our wind assets and to the contribution of solar assets that have recently entered into operation. In Spain, production at our solar assets decreased mainly as a result of significantly lower solar radiation. At Kaxu, production decreased due to the unscheduled outage that started at the end of September 2023. The plant, where we have 51% equity interest, restarted operations in mid-February 2024. Part of the damage and business interruption has been covered by our insurance policy, after a 60-day deductible. Our efficient natural gas and heat assets, our water assets, and our transmission lines, for which revenue is based on availability, continued at very high levels during the first six months of 2024.”