NYSE$XIFR
XPLR Infrastructure LP · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported strong financial performance with adjusted EBITDA and CAFD up approximately 13% and 17%, respectively, against the prior-year comparable quarter. The company completed the acquisition of a 67% interest in a 230-megawatt, 4-hour battery storage facility in California. Year-end 2023 run-rate expectations were introduced, reflecting roughly 23% and 12% growth, respectively, from the previously announced year-end 2022 run-rate adjusted EBITDA and cash available for distribution midpoints.
NextEra Energy Partners, LP reported third-quarter 2022 net income attributable to NextEra Energy Partners of $79 million, adjusted EBITDA of $377 million, and cash available for distribution (CAFD) of $185 million.
- Grew LP distributions per unit approximately 15% year-over-year.
- Completed previously announced acquisition of approximately 230-megawatt, 4-hour battery storage project from NextEra Energy Resources.
- Introduced year-end 2023 run-rate adjusted EBITDA and cash available for distribution expectations, up roughly 23% and 12%, respectively, versus the midpoints of the previously disclosed year-end 2022 run-rate expectations.
- Delivered third-quarter financial results in line with management's expectations.
Headline financials
Revenue & EPS history
NextEra Energy Partners · Revenue · Quarterly
$302M
Forward guidance
NextEra Energy Partners expects 12% to 15% growth per year in limited partner distributions per unit through at least 2025. The company expects the annualized rate of the fourth-quarter 2022 distribution to be in a range of $3.17 to $3.25 per common unit. Year-end 2022 run-rate adjusted EBITDA is expected in the range of $1.785 billion to $1.985 billion and CAFD in the range of $685 million to $775 million. Dec. 31, 2023, run-rate expectations for adjusted EBITDA are in a range of $2.220 billion to $2.420 billion and CAFD in a range of $770 million to $860 million.
Tailwinds
- Expects 12% to 15% growth per year in limited partner distributions per unit through at least 2025.
- The annualized rate of the fourth-quarter 2022 distribution that is payable in February 2023 to be in a range of $3.17 to $3.25 per common unit.
- Year-end 2022 run-rate adjusted EBITDA in the ranges of $1.785 billion to $1.985 billion.
- Year-end 2022 run-rate CAFD in the ranges of $685 million to $775 million.
- Dec. 31, 2023, run-rate expectations for adjusted EBITDA in a range of $2.220 billion to $2.420 billion and CAFD in a range of $770 million to $860 million.
Headwinds
- Expectations are subject to normal weather and operating conditions.
- Expectations are subject to positive macroeconomic conditions in the U.S.
- Expectations are subject to public policy support for wind and solar development and construction.
- Expectations are subject to market demand and transmission expansion support for wind and solar development.
- Expectations are subject to access to capital at reasonable cost and terms and no changes to governmental policies or incentives.
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 Q3 2022
-0.1%
Avg return
Earnings day
+0.4%
Avg return
5 days after
-1.2%
Avg return
30 days after
46%
21 / 46 earnings
Positive
+15.7%
Q3 2023
Best reaction
-25.1%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.6% | +4.2% | +3.6% | |
| Q4 2025 | +9.2% | +6.0% | +4.3% | |
| Q3 2025 | -5.1% | +2.3% | -6.6% | |
| Q1 2025 | +5.5% | +5.2% | +6.1% | |
| Q4 2024 | -25.1% | -33.3% | -44.1% | |
| Q3 2024 | -16.3% | -18.7% | -33.1% | |
| Q2 2024 | -6.6% | -3.7% | -6.4% | |
| Q1 2024 | +7.9% | +5.4% | +17.4% | |
| Q4 2023 | +7.4% | +12.0% | +1.0% | |
| Q3 2023 | +15.7% | +22.4% | +5.5% | |
| Q2 2023 | -3.9% | -8.4% | -19.8% | |
| Q1 2023 | -12.2% | -9.7% | -7.6% | |
| Q4 2022 | -2.5% | -4.5% | -11.5% | |
| Q3 2022 | -0.3% | +0.7% | +7.7% | |
| Q2 2022 | +9.7% | +8.8% | +14.8% | |
| Q1 2022 | -6.9% | -10.6% | -12.6% | |
| Q4 2021 | -0.1% | -1.2% | +1.7% | |
| Q3 2021 | +3.1% | +5.0% | +9.7% | |
| Q2 2021 | -0.6% | +3.1% | +6.1% | |
| Q1 2021 | +1.3% | +2.7% | -4.0% | |
| Q4 2020 | -8.7% | -3.0% | -13.7% | |
| Q3 2020 | -0.8% | -0.4% | -1.8% | |
| Q2 2020 | +2.8% | +6.7% | +5.8% | |
| Q1 2020 | +11.1% | +10.8% | +14.2% | |
| Q4 2019 | -2.1% | -0.6% | +8.2% | |
| Q3 2019 | +2.7% | +2.6% | +3.8% | |
| Q2 2019 | -3.3% | -3.3% | -1.5% | |
| Q1 2019 | -2.2% | -0.5% | -2.6% | |
| Q4 2018 | -4.3% | -6.7% | -1.6% | |
| Q3 2018 | -2.6% | -9.6% | -0.2% | |
| Q2 2018 | +3.9% | +3.7% | +8.0% | |
| Q1 2018 | +3.0% | +5.5% | +8.6% | |
| Q4 2017 | +4.3% | +6.9% | -5.0% | |
| Q3 2017 | -0.7% | -0.4% | -1.9% | |
| Q2 2017 | +1.9% | +6.1% | +0.2% | |
| Q1 2017 | +5.1% | +3.9% | +4.2% | |
| Q4 2016 | +10.1% | +14.2% | +9.3% | |
| Q3 2016 | -2.3% | -4.3% | -7.4% | |
| Q2 2016 | -1.8% | -3.5% | -3.9% | |
| Q1 2016 | -0.8% | — | — | |
| Q4 2015 | +2.8% | — | — | |
| Q3 2015 | +7.3% | — | — | |
| Q2 2015 | -8.6% | — | — | |
| Q1 2015 | -0.2% | — | — | |
| Q4 2014 | +0.0% | — | — | |
| Q3 2014 | -2.7% | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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