Benzinga -
- Brookfield Renewable Partners (NYSE: BEP) reported first-quarter FY23 revenue growth of 17.2% year-over-year to $1.33 billion, beating the consensus of $1.15 billion.
- Loss per share improved to $(0.09) in the quarter from $(0.16) in 1Q22.
- Funds from operations per unit (FFO) improved to $0.43 from $0.38, beating the consensus of $0.41. Reflects robust hydro generation across the portfolio, strong realized power pricing and asset availability, and contributions from growth.
- Segment FFO: Hydroelectric increased 26% to $219 million, and Wind decreased 14% to $79 million.
- FFO at utility-scale solar business was $40 million versus $64 million in the prior year.
- Q1 Capacity increased +23.2% Y/Y. Total generation (GWh), Long-term average generation increased 16.3% Y/Y, and Actual generation +25.2%.
- Average revenue ($ per MWh) increased to $87 versus $86 in 1Q22.
- "We had an excellent start to the year delivering solid double-digit FFO growth year-over-year. We also continued our elevated level of growth activity, as we commissioned approximately 700 megawatts of capacity, maintained our path to deliver approximately 5,000 megawatts this year, and signed transactions for over $8 billion of equity investment alongside our institutional partners," commented Connor Teskey, CEO of Brookfield Renewable.
- BEP's liquidity remains robust at ~$4 billion, providing significant flexibility in its fund growth.
- BEP's net cash from operating activities totaled $663 million, more than double from the prior year's same quarter, $303 million. It had cash and cash equivalents of $1.14 billion at the end of the quarter.
- The company continued to advance development activities, commissioning ~700 MW of capacity in the quarter, and is on track to commission ~5,000 megawatts of capacity in 2023.
- FY23 Outlook: BEP states that it remains focused on delivering 12-15% long-term returns for investors.
- Price Action: BEP shares are trading higher by 3.76% at $30.64 on the last check Friday.
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