NYSE$HASI
Hannon Armstrong Sustainable Infrastructure Capital Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Hannon Armstrong reported strong Q1 2024 results, highlighted by a new strategic partnership with KKR and significant growth in portfolio and managed assets.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. announced its Q1 2024 results, featuring a strategic partnership with KKR to invest $2 billion in sustainable infrastructure assets. The company reported GAAP diluted EPS of $0.98 and Adjusted EPS of $0.68. The portfolio increased by 36% to $6.4 billion, and managed assets grew by 24% to $12.9 billion.
- Announced a $2 billion strategic partnership with KKR through CarbonCount Holdings 1 LLC.
- Increased capacity and extended maturities of revolving line of credit and commercial paper programs.
- Portfolio increased 36% year-over-year to $6.4 billion.
- Adjusted Net Investment Income increased by 37% year-over-year to $64.3 million.
Headline financials
Revenue & EPS history
Hannon Armstrong · Revenue · Quarterly
$106M
Revenue by segment
Hannon Armstrong · $43.9M total across 2 segments · Q4 2021
- Interest and Rental Income$30.5M—69.6%
- Gain on Sale of Assets$13.3M—30.4%
Forward guidance
The Company expects that annual adjusted earnings per share will grow at a compounded annual rate of 8% to 10% from 2024 to 2026, relative to the 2023 baseline of $2.23 per share, which is equivalent to a 2026 midpoint of $2.89 per share. The Company also expects distributions of annual dividends per share from 2024 to 2026 to be set at a payout ratio of 60-70% of annual adjusted earnings per share.
Tailwinds
- Yield on its existing portfolio
- Yield on incremental portfolio investments, inclusive of the Company’s existing pipeline
- Volume and profitability of transactions
- Amount, timing, and costs of debt and equity capital to fund new investments
- Changes in costs and expenses reflective of the Company’s forecasted operations
Headwinds
- General interest rate and market environment
- Distributions are subject to approval by the Company’s Board of Directors on a quarterly basis.
- Forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments.
- The Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV.
- GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.6%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+0.7%
Avg return
30 days after
67%
35 / 52 earnings
Positive
+23.1%
Q3 2023
Best reaction
-11.9%
Q4 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.8% | -4.6% | -9.2% | |
| Q4 2025 | +10.8% | +5.4% | -1.2% | |
| Q3 2025 | +12.4% | +18.8% | +17.1% | |
| Q1 2025 | +0.2% | +6.3% | -1.4% | |
| Q4 2024 | +0.3% | +3.6% | +4.1% | |
| Q3 2024 | -11.3% | -16.6% | -3.5% | |
| Q2 2024 | -5.0% | -8.0% | -1.2% | |
| Q1 2024 | +16.8% | +23.1% | +22.0% | |
| Q4 2023 | +7.2% | +6.0% | -0.1% | |
| Q3 2023 | +23.1% | +14.3% | +43.6% | |
| Q2 2023 | +2.0% | -9.1% | -3.8% | |
| Q1 2023 | +1.0% | -4.2% | -4.1% | |
| Q4 2022 | -5.2% | -11.1% | -33.8% | |
| Q3 2022 | +7.1% | +10.9% | +23.9% | |
| Q2 2022 | +5.9% | +15.3% | +0.3% | |
| Q1 2022 | +5.6% | -3.0% | -3.4% | |
| Q4 2021 | +6.3% | +3.6% | +10.4% | |
| Q3 2021 | -0.2% | -0.1% | -11.0% | |
| Q2 2021 | +0.6% | +4.1% | +4.3% | |
| Q1 2021 | -7.9% | -7.2% | -7.1% | |
| Q4 2020 | +3.2% | -5.1% | -13.1% | |
| Q3 2020 | +10.3% | +11.5% | +23.6% | |
| Q2 2020 | +3.7% | +2.3% | +9.5% | |
| Q1 2020 | +6.9% | +1.0% | +8.2% | |
| Q4 2019 | +3.5% | +0.8% | -53.9% | |
| Q3 2019 | +1.2% | +0.6% | -0.5% | |
| Q2 2019 | +0.2% | -1.2% | +0.7% | |
| Q1 2019 | +2.4% | +4.0% | -2.6% | |
| Q4 2018 | +1.8% | +5.9% | +6.7% | |
| Q3 2018 | +5.5% | +9.6% | +10.1% | |
| Q2 2018 | +0.4% | +1.9% | +11.2% | |
| Q1 2018 | -3.6% | -2.3% | -6.1% | |
| Q4 2017 | -11.9% | -10.9% | -10.3% | |
| Q3 2017 | -3.1% | -1.7% | -0.6% | |
| Q2 2017 | +1.8% | +4.3% | -0.3% | |
| Q1 2017 | -1.8% | -0.5% | -0.2% | |
| Q4 2016 | +3.2% | +3.1% | +1.0% | |
| Q3 2016 | -7.1% | -8.5% | -13.3% | |
| Q2 2016 | +2.3% | +2.7% | +11.3% | |
| Q1 2016 | +2.6% | — | — | |
| Q4 2015 | +1.2% | — | — | |
| Q3 2015 | -4.6% | — | — | |
| Q2 2015 | -6.5% | — | — | |
| Q1 2015 | -0.1% | — | — | |
| Q4 2014 | +4.5% | — | — | |
| Q3 2014 | -1.2% | — | — | |
| Q2 2014 | +6.4% | — | — | |
| Q1 2014 | +1.6% | — | — | |
| Q4 2013 | -1.8% | — | — | |
| Q3 2013 | -5.6% | — | — | |
| Q2 2013 | +0.8% | — | — | |
| Q1 2013 | +0.9% | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — |
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