Clearway Energy (CWEN) Q4 FY2023 earnings: revenue $249 million, down 7.1% on the year

Clearway Energy, Inc. (CWEN) reported revenue of $249 million for Q4 FY2023, the quarter ended 31 December 2023, down 7.1% on the same quarter a year earlier. Net income was $37 million, up 208.3% on the year, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$249 milliondown 7.1%

Net income$37 millionup 208.3%

Diluted EPS$0.31

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	249	371	n/a	n/a
Cost of revenue	113	134	n/a	n/a
Gross profit	136	237	n/a	n/a
Gross margin	54.6%	63.9%	n/a
Operating income	-22.0	94.0	n/a	n/a
Operating margin	-8.8%	25.3%	n/a
Interest expense	135	48.0	n/a	n/a
Pre-tax income	-142	72.0	n/a	n/a
Income tax	-69.0	57.0	n/a	n/a
Effective tax rate	n/a	79.2%	n/a
Net income	37.0	4.0	n/a	n/a
Net margin	14.9%	1.1%	n/a
Diluted EPS	$0.31	$0.03	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	206	287	n/a	n/a
Capital expenditure	69.0	34.0	n/a	n/a
Free cash flow	137	253	n/a	n/a
Free cash flow margin	55.0%	68.2%	n/a
Cash from investing	-252	-155	n/a	n/a
Cash from financing	-59.0	106	n/a	n/a
Depreciation and amortisation	137	133	n/a	n/a
Diluted shares, weighted	35m	n/a	n/a	n/a
Shares outstanding at period end	202m	202m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	4,994	4,250	n/a	n/a
Redeemable equity	1.0	18.0	n/a	n/a
Debt	8,099	6,995	n/a	n/a
Operating lease liabilities	627	601	n/a	n/a
Other liabilities	980	1,506	n/a	n/a
Total liabilities and equity	14,701	13,370	n/a	n/a
Fixed assets	9,526	8,025	n/a	n/a
Intangible assets	2,374	2,352	n/a	n/a
Cash and equivalents	535	566	n/a	n/a
Inventory	55.0	55.0	n/a	n/a
Other assets	2,211	2,372	n/a	n/a
Total assets	14,701	13,370	n/a	n/a

Questions

What was Clearway Energy's revenue in Q4 FY2023?

Clearway Energy (CWEN) reported revenue of $249 million for Q4 FY2023, the quarter ended 31 December 2023, down 7.1% on the same quarter a year earlier.

How much did Clearway Energy earn in Q4 FY2023?

Net income for Q4 FY2023 was $37 million, up 208.3% on the year, and diluted earnings per share $0.31.

When did Clearway Energy report Q4 FY2023 results?

Clearway Energy filed its 10-K for the year that ended with the quarter on 22 February 2024; the fourth quarter is the year less the first three.

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-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001567683-24-000007: the filing on EDGAR. All of Clearway Energy, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install