NextEra Energy Partners, LP Reports Consolidated Preliminary Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Period Ended December 31, 2016 and for the Year 2017
January 27, 2017 at 12:33 pm
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NextEra Energy Partners, LP reported consolidated preliminary earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total operating revenues of $176 million against $146 million for the same period prior year. Operating income was $58 million against $62 million for the same period prior year. Income before income taxes was $225 million against $30 million for the same period prior year. Net income was $197 million against $24 million for the same period prior year. Net income attributable to the company was $50 million against $5 million for the same period prior year.
For the full year, the company reported total operating revenues of $715 million against $495 million for the same period prior year. Operating income was $290 million against $214 million for the same period prior year. Income before income taxes was $408 million against $127 million for the same period prior year. Net income was $357 million against $102 million for the same period prior year. Net income attributable to the company was $90 million against $10 million for the same period prior year. Adjusted EBITDA was $639 million. Net cash provided by operating activities was $320 million compared to $255 million a year ago. Capital expenditures were $271 million compared to $172 million a year ago.
NextEra Energy Partners has extended its financial expectations for another two years. NextEra Energy Partners expects 12% to 15% per year growth in limited partner distributions through at least 2022. NextEra Energy Partners expects December 31, 2016, run rate for adjusted EBITDA of $670 million to $760 million and CAFD of $230 million to $290 million, reflecting forecasted calendar year 2017 expectations for the portfolio at year-end Dec. 31, 2016. The company expects December 31, 2017, run rate for adjusted EBITDA of $875 million to $975 million and CAFD of $310 million to $340 million, reflecting calendar year 2018 expectations for the forecasted portfolio at year-end December 31, 2017. These expectations are net of expected IDR fees, as these fees are expected to be treated as an operating expense.
NextEra Energy Partners, LP is a growth-oriented limited partnership. The Company owns a controlling, non-economic general partner interest and a 48.6% limited partner interest in NEP OpCo. Through NEP OpCo, the Company owns, or has a partial ownership interest in, a portfolio of contracted renewable energy assets consisting of wind, solar and solar-plus-storage projects and a stand-alone battery storage project, as well as contracted natural gas pipeline assets (pipeline investment).
NextEra Energy Partners, LP Reports Consolidated Preliminary Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Period Ended December 31, 2016 and for the Year 2017