Clearway Energy (CWEN) Q1 FY2024 earnings: revenue $263 million, down 8.7% on the year

Clearway Energy, Inc. (CWEN) reported revenue of $263 million for Q1 FY2024, the quarter ended 31 March 2024, down 8.7% on the same quarter a year earlier. Net income was -$2 million, and diluted earnings per share $-0.02. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2024.

Revenue$263 milliondown 8.7%

Net income-$2 million

Diluted EPS$-0.02

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	263	249	n/a	n/a
Cost of revenue	126	113	n/a	n/a
Gross profit	137	136	n/a	n/a
Gross margin	52.1%	54.6%	n/a
Operating income	-29.0	-22.0	n/a	n/a
Operating margin	-11.0%	-8.8%	n/a
Interest expense	57.0	135	n/a	n/a
Pre-tax income	-59.0	-142	n/a	n/a
Income tax	-13.0	-69.0	n/a	n/a
Net income	-2.0	37.0	n/a	n/a
Net margin	-0.8%	14.9%	n/a
Diluted EPS	-$0.02	$0.31	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	81.0	206	n/a	n/a
Capital expenditure	98.0	69.0	n/a	n/a
Free cash flow	-17.0	137	n/a	n/a
Free cash flow margin	-6.5%	55.0%	n/a
Cash from investing	-203	-252	n/a	n/a
Cash from financing	34.0	-59.0	n/a	n/a
Depreciation and amortisation	154	137	n/a	n/a
Diluted shares, weighted	n/a	35m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	5,045	4,994	n/a	n/a
Redeemable equity	2.0	1.0	n/a	n/a
Debt	7,579	8,099	n/a	n/a
Operating lease liabilities	642	627	n/a	n/a
Other liabilities	1,594	980	n/a	n/a
Total liabilities and equity	14,862	14,701	n/a	n/a
Fixed assets	9,746	9,526	n/a	n/a
Intangible assets	n/a	2,374	n/a	n/a
Cash and equivalents	478	535	n/a	n/a
Inventory	58.0	55.0	n/a	n/a
Other assets	4,580	2,211	n/a	n/a
Total assets	14,862	14,701	n/a	n/a

Questions

What was Clearway Energy's revenue in Q1 FY2024?

Clearway Energy (CWEN) reported revenue of $263 million for Q1 FY2024, the quarter ended 31 March 2024, down 8.7% on the same quarter a year earlier.

How much did Clearway Energy earn in Q1 FY2024?

Net loss for Q1 FY2024 was $2 million, and the diluted loss per share $0.02.

When did Clearway Energy report Q1 FY2024 results?

Clearway Energy filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 9 May 2024.

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 31 March 2024, filed 9 May 2024, accession 0001567683-24-000015: the filing on EDGAR. All of Clearway Energy, Inc.'s filings: EDGAR company page.

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