Clearway Energy (CWEN) Q3 FY2023 earnings: revenue $371 million, up 9.1% on the year

Clearway Energy, Inc. (CWEN) reported revenue of $371 million for Q3 FY2023, the quarter ended 30 September 2023, up 9.1% on the same quarter a year earlier. Net income was $4 million, down 87.5% on the year, and diluted earnings per share $0.03. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$371 millionup 9.1%

Net income$4 milliondown 87.5%

Diluted EPS$0.03

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	371	n/a	n/a	n/a
Cost of revenue	134	n/a	n/a	n/a
Gross profit	237	n/a	n/a	n/a
Gross margin	63.9%	n/a	n/a
Operating income	94.0	n/a	n/a	n/a
Operating margin	25.3%	n/a	n/a
Interest expense	48.0	n/a	n/a	n/a
Pre-tax income	72.0	n/a	n/a	n/a
Income tax	57.0	n/a	n/a	n/a
Effective tax rate	79.2%	n/a	n/a
Net income	4.0	n/a	n/a	n/a
Net margin	1.1%	n/a	n/a
Diluted EPS	$0.03	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	287	n/a	n/a	n/a
Capital expenditure	34.0	n/a	n/a	n/a
Free cash flow	253	n/a	n/a	n/a
Free cash flow margin	68.2%	n/a	n/a
Cash from investing	-155	n/a	n/a	n/a
Cash from financing	106	n/a	n/a	n/a
Depreciation and amortisation	133	n/a	n/a	n/a
Shares outstanding at period end	202m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	4,250	n/a	n/a	n/a
Redeemable equity	18.0	n/a	n/a	n/a
Debt	6,995	n/a	n/a	n/a
Operating lease liabilities	601	n/a	n/a	n/a
Other liabilities	1,506	n/a	n/a	n/a
Total liabilities and equity	13,370	n/a	n/a	n/a
Fixed assets	8,025	n/a	n/a	n/a
Intangible assets	2,352	n/a	n/a	n/a
Cash and equivalents	566	n/a	n/a	n/a
Inventory	55.0	n/a	n/a	n/a
Other assets	2,372	n/a	n/a	n/a
Total assets	13,370	n/a	n/a	n/a

Questions

What was Clearway Energy's revenue in Q3 FY2023?

Clearway Energy (CWEN) reported revenue of $371 million for Q3 FY2023, the quarter ended 30 September 2023, up 9.1% on the same quarter a year earlier.

How much did Clearway Energy earn in Q3 FY2023?

Net income for Q3 FY2023 was $4 million, down 87.5% on the year, and diluted earnings per share $0.03.

When did Clearway Energy report Q3 FY2023 results?

Clearway Energy filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 2 November 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	371	249	263	366	486	256	298	392	429	310	354	481
Cost of revenue	134	113	126	117	135	123	122	131	128	149	134	149
Gross profit	237	136	137	249	351	133	176	261	301	161	220	332
Gross margin	64%	55%	52%	68%	72%	52%	59%	67%	70%	52%	62%	69%
Operating income	94.0	-22.0	-29.0	84.0	178	-37.0	0.0	85.0	112	-37.0	20.0	116
Operating margin	25%	-9%	-11%	23%	37%	-14%	0%	22%	26%	-12%	6%	24%
Interest expense	48.0	135	57.0	88.0	139	23.0	116	83.0	98.0	90.0	101	105
Pre-tax income	72.0	-142	-59.0	14.0	60.0	-48.0	-104	17.0	29.0	-117	-70.0	27.0
Tax rate	79%	n/a	n/a	71%	55%	n/a	n/a	29%	-107%	n/a	n/a	-11%
Net income	4.0	37.0	-2.0	51.0	36.0	3.0	4.0	33.0	236	-104	-163	122
Net margin	1%	15%	-1%	14%	7%	1%	1%	8%	55%	-34%	-46%	25%
Diluted EPS	$0.03	$0.31	-$0.02	$0.43	$0.31	$0.03	$0.03	$0.28	$2.00	-$0.88	-$1.35	$1.00
Operating cash flow	287	206	81.0	196	301	192	95.0	191	225	177	401	214
Capital expenditure	34.0	69.0	98.0	104	35.0	50.0	56.0	76.0	81.0	106	75.0	84.0
Free cash flow	253	137	-17.0	92.0	266	142	39.0	115	144	71.0	326	130
Shares outstanding	202m	202m	202m	202m	202m	202m	202m	202m	202m	204m	205m	205m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001567683-23-000035: the filing on EDGAR. All of Clearway Energy, Inc.'s filings: EDGAR company page.

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