LONDON, UK / ACCESSWIRE / June 19, 2018 / If you want access to our free earnings report: on Pattern Energy Group Inc. (NASDAQ: PEGI) ("Pattern Energy"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PEGI. The Company reported its first quarter fiscal 2018 operating and financial results on May 10, 2018. The wind power producer outperformed earnings estimates. Additionally, the Company re-affirmed its guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Earnings Highlights and Summary

For the first quarter of the fiscal year 2018, Pattern Energy's revenues were $111.7 million, up 11% compared to $100.8 million in Q1 2017. The Company's revenue numbers lagged analysts' estimates of $145.2 million.

Pattern Energy sold 2,126,662 megawatt hours (MWh) of electricity on a proportional basis in Q1 2018, up 4% compared to 2,038,159 MWh sold in Q1 2017; primarily driven by volume increases as a result of acquisitions during FY17 and FY18, and favorable wind at projects in Canada.

Pattern Energy's net income attributable to common shareholders was $135.9 million, or $1.32 per diluted share, in Q1 2018 compared to $5.7 million, or $0.06 per diluted share, in Q1 2017. The Company's earnings smashed past Wall Street's estimates of $0.13 per share.

For Q1 2018, Pattern Energy's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) increased by $6.0 million to $104.2 million compared to $98.2 million in Q1 2017; primarily due to an increase in revenues of $20.2 million attributable to volume increases as a result of acquisitions during FY17 and FY18 and an insurance settlement for Santa Isabel, partially offset by lower electricity sales as a result of changing prices, unfavorable wind, and curtailment primarily at projects in the Texas market and at Santa Isabel.

Operating Results

During Q1 2018, Pattern Energy acquired 206 megawatts (MW) of owned capacity in five Japanese projects; representing the Company's entry into Japan, which is one of the most robust renewables markets in the world.

During Q1 2018, Pattern Energy invested $27 million in Pattern Energy Group 2 LP's acquisition of the majority interest in Green Power Investments and the Japanese development pipeline from Pattern Energy Group LP. The Company also commenced commercial operations at two projects: (i) the 33 MW Ohorayama Wind power facility in Japan, and (ii), subsequent to the end of the reported period, the 143 MW Mont Sainte-Marguerite Wind power facility in Quebec.

Cash Matters

Pattern Energy's net cash provided by operating activities was $27.8 million in Q1 2018 compared to $43.8 million in Q1 2017. The drop of $15.9 million during the reported quarter was primarily due to an increase in transmission and projects costs of $12.6 million, due to acquisitions in FY17 and FY18; an increase in interest payments of $10.0 million; and a decrease in distributions from unconsolidated investments of $2.9 million.

Pattern Energy's cash available for distribution was $43.1 million in Q1 2018 compared to $45.1 million in Q1 2017. The decrease of $2.1 million was primarily due to a gain in transmission and projects costs of $12.6 million, due to acquisitions; an increase in interest expenses of $3.9 million; an increase in distributions to non-controlling interests of $6.5 million; an increase in principal payments of project-level debt of $3.5 million; and a decrease in distributions from unconsolidated investments of $0.9 million.

Financial Guidance

Pattern Energy re-affirmed its targeted annual cash available for distribution to be within the range of $151 million to $181 million for FY18, representing an increase of 14% compared to cash available for distribution in FY17.

Stock Performance Snapshot

June 18, 2018 - At Monday's closing bell, Pattern Energy Group's stock slightly fell 0.83%, ending the trading session at $19.19.

Volume traded for the day: 959.37 thousand shares, which was above the 3-month average volume of 912.99 thousand shares.

Stock performance in the last month ? up 9.97%; and previous three-month period ? up 4.86%

After yesterday's close, Pattern Energy Group's market cap was at $1.87 billion.

Price to Earnings (P/E) ratio was at 18.74.

The stock has a dividend yield of 8.81%.

The stock is part of the Utilities sector, categorized under the Diversified Utilities industry. This sector was up 0.2% at the end of the session.

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