LONDON, UK / ACCESSWIRE / October 13, 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 release of its financial results on October 4, 2017, for the third quarter fiscal 2017. The Company's total revenue increased 6.2% on a y-o-y basis and exceeded market estimates. Our daily stock reports are accessible for free and, with those to look forward to today, you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For three months ended August 31, 2017, 8point3 Energy's total revenue increased 6.2% to $27.74 million from $26.12 million in Q3 FY16. The increase was due to due to seasonal insulation levels in the reported quarter. Total revenue surpassed analysts' expectations of $26.0 million.
During Q3 FY17, 8point3 Energy's selling, general, and administrative (SG&A) expenses increased 13.8% to $2.05 million from $1.80 million in Q3 FY16. During Q3 FY17, the Company's depreciation and amortization (D&A) expenses increased 14.4% to $7.22 million from $6.31 million in the same period last year. For the reported quarter, the Company's total operating costs and expenses increased 6.6% to $11.35 million from $10.64 million in Q3 FY16. The increase was due to higher cost of operations, depreciation and selling, general and administrative costs.
For the reported quarter, 8point3 Energy's operating income increased 5.9% to $16.39 million from $15.47 million in Q3 FY16. For the reported quarter, the Company's operating margin decreased 20 basis points to 59.0% of revenue from 59.2% of revenue in Q3 FY16.
During Q3 FY17, the Company's adjusted EBITDA increased 62.7% to $53.48 million from $32.86 million in Q3 FY16.
During Q3 FY17, 8point3 Energy's net income totaled $28.66 million compared to $15.87 million in Q3 FY16. For the reported quarter, the Company's diluted EPS decreased 28.9% to $0.27 from $0.38 in Q3 FY16. The diluted EPS was below analysts' expectations of $0.65.
Balance Sheet
As on August 31, 2017, 8point3 Energy's cash and cash equivalents decreased 27.3% to $10.36 million from $14.26 million in Q4 FY16.
During Q3 FY17, the Company's net accounts receivables and short-term financing receivables increased 101.4% to $10.88 million from $5.40 million in Q4 FY16.
For the reported quarter, 8point3 Energy's accounts payable and other current liabilities decreased 72.3% to $6.57 million from $23.77 million in Q4 FY16.
During Q3 FY17, the Company's long-term debt and financing obligations increased 84.6% to $709.99 million from $384.44 million in Q4 FY16.
During Q3 FY17, 8point3 Energy's cash available for distribution (CAFD) increased 37.9% to $33.17 million from $24.05 million in Q3 FY16.
During FY17, the Company's YTD cash provided by operating activities increased 69.9% to $64.26 million from $37.82 million in the same period last year.
On September 22, 2017, the Company's Board of Directors announced a cash dividend for class A share of $0.27 per share payable on October 13, 2017, to shareholders of record as of October 3, 2017.
Outlook
For Q4 FY17, 8point3 Energy expects revenue to be in the range of $12 million to $15 million and net income to be in the range of $1.5 million to $4 million. The Company expects adjusted EBITDA to be in the range of $22.0 million to $25.0 million and estimates CAFD to be in the range of $32.0 million to $35.0 million for Q4 FY17.
For FY17, the Company expects revenue to be in the range of $66.5 million to $69.5 million and net income to be in the band of $32.0 million to $34.5 million. 8point3 Energy expects adjusted EBITDA to be in the range of $117.0 million to $120.0 million and estimates CAFD to be in the range of $106.0 million to $109.0 million for fiscal 2017.
Stock Performance
8point3 Energy Partners' share price finished yesterday's trading session at $15.28, rising 1.06%. A total volume of 140.94 thousand shares have exchanged hands. The Company's stock price surged 4.30% in the last three months, 25.14% in the past six months, and 9.38% in the previous twelve months. Additionally, the stock rallied 17.72% since the start of the year. Shares of the Company have a PE ratio of 23.73 and have a dividend yield of 7.13%. The stock currently has a market cap of $1.21 billion.
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SOURCE: Pro-Trader Daily