July 12, 2017 - 5:07 PM EDT
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Earnings Review and Free Research Report: 8point3 Energy Partners’ Top-line Surged; Beat Expectations

Research Desk Line-up: TerraForm Global Post Earnings Coverage

LONDON, UK / ACCESSWIRE / July 11, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on 8point3 Energy Partners L.P. (NASDAQ: CAFD), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CAFD, following the Company's announcement of its financial results for the second quarter fiscal 2017 (Q2 FY17) on June 29, 2017. The solar power generating Company, reported a 23% y-o-y growth in its total revenues, outperforming market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Diversified Utilities industry. Pro-TD has currently selected TerraForm Global, Inc. (NASDAQ: GLBL) for due-diligence and potential coverage as the Company reported on June 27, 2017, its Q1 2017 financial results and also filed its Form 10-Q for the quarter which ended on March 31, 2017 with the Securities and Exchange Commission. Register for a free membership today, and be among the early birds that get access to our report on TerraForm Global when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CAFD; also brushing on GLBL. With the links below you can directly download the report of your stock of interest-free of charge at:

http://protraderdaily.com/optin/?symbol=CAFD

http://protraderdaily.com/optin/?symbol=GLBL

Earnings Review

In Q2 FY17, 8point3 Energy Partners reported total revenues of $16.68 million compared to $13.52 million recorded at the end of Q2 FY16. Total revenue for the reported quarter topped quarter of $16 million.

The San Jose, California-based Company recorded Q2 FY17 net income attributable to 8point3 Energy Partners L.P. Class A shares of $3.39 million, or $0.12 per diluted common share, which was below $10.02 million, or $0.50 per diluted common share, in Q2 FY16. The company's net income attributable to 8point3 Energy Partners L.P. Class A shares fell short of the market net income expectation of $0.16 per diluted share.

Operating Metrics

8point3 Energy Partners' cost of operations increased to $2.11 million in Q2 FY17 from $1.76 million in the year-ago same period. Total operating costs and expenses also grew in Q2 FY17 to $10.96 million from $9.63 million in Q2 FY16. For the reported quarter, the Company's operating income came in at $5.72 million versus $3.89 million in the last year's comparable quarter. Furthermore, adjusted EBITDA for Q2 FY17 came in at $28.54 million compared to $17.36 million in Q2 FY16.

Cash Flow & Balance Sheet

For the quarter ended on May 31, 2017, 8point3 Energy Partners generated $18.81 million in cash available for distribution (CAFD) compared to $10.31 million in the three months ended May 31, 2016. In the first half of FY17, net cash provided by operating activities was $24.98 million compared $13.63 million in the year-ago comparable period.

As on May 31, 2017, 8point3 Energy Partners had $10.63 million in cash and cash equivalents as on May 31, 2017, compared to $14.26 million at the close of books on November 30, 2016. Furthermore, the Company's long-term debt and financing obligations increased to $716.72 million as on May 31, 2017, from $384.44 million as on May 31, 2016.

Cash Distribution

In a separate press release on June 26, 2017, 8point3 Energy Partners' Board of Directors increased the quarterly cash dividend on its Class A shares by 3.0% to $0.2642 per share for Q2 FY17. The cash distribution will be made on July 14, 2017, to shareholders of record as of July 06, 2017.

Outlook

In its guidance for full year FY17, 8point3 Energy Partners expects revenues in the range of $63.3 million to $66.7 million. Net income for FY17 is projected to be between $27.0 million and $32.6 million. The Company's management further anticipates adjusted EBITDA to be approximately $106.5 million and $113.1 million, while CAFD is expected to be between $91.5 million and $101.0 million.

For Q3 FY17, the Company expects revenues in the range of $25.0 million and $26.0 million. Net income for FY17 is forecasted to be in the range of $21.0 million and $24.0 million. In Q3 FY17, 8point3 Energy Partners' management expects adjusted EBITDA to be between $44.0 million and $47.5 million and forecasts CAFD in the range of $28.0 million to $30.0 million.

Stock Performance

On Monday, July 10, 2017, the stock closed the trading session at $14.71, slightly up 0.62% from its previous closing price of $14.62. A total volume of 161.78 thousand shares has exchanged hands. 8point3 Energy Partners' stock price surged 6.98% in the last one month, 23.82% in the past three months, and 9.94% in the previous six months. Furthermore, since the start of the year, shares of the Company have rallied 13.33%. The stock is trading at a PE ratio of 22.84 and has a dividend yield of 7.21%. The stock currently has a market cap of $1.18 billion.

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Source: ACCESSWIRE Investor Awareness (July 12, 2017 - 5:07 PM EDT)

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