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Investing.com -- Clearway Energy (NYSE:CWENa), Inc. (NYSE:CWEN) reported first quarter earnings that beat analyst expectations, but missed on revenue, sending shares down 2.9% in trading.
The renewable energy company posted adjusted earnings per share of $0.03, surpassing the analyst consensus estimate of -$0.28. However, revenue came in at $298 million, falling short of the $305.74 million analysts had projected.
Clearway Energy generated $252 million in adjusted EBITDA for the quarter, up from $211 million in the same period last year. The company attributed the increase primarily to contributions from growth investments.
"Clearway reported another solid set of results in the first quarter of 2025 and remains on track to fulfill its financial guidance for the year," said CEO Craig Cornelius in a statement.
The company reaffirmed its 2025 full year Cash Available for Distribution (CAFD) guidance range of $400 million to $440 million. Clearway said this guidance factors in completing committed growth investments on currently forecasted schedules.
In a sign of confidence, Clearway announced it is increasing its quarterly dividend by 1.7% to $0.4384 per share for the second quarter of 2025, or $1.75 per share on an annualized basis.
The company also provided updates on several growth initiatives, including the closing of its Tuolumne Wind acquisition and a signed agreement to acquire a 100 MW solar project in California.
Clearway’s renewable energy generation increased 13% YoY to 4,481 MWh in the first quarter, driven by new growth investments coming online.
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