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Atlantica Sustainable Infrastructure (AY) investor relations material
Atlantica Sustainable Infrastructure Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 7.0% to $918.7M for the nine months ended September 30, 2024, driven by higher regulated revenue in Spain, increased US solar production, and new asset contributions, offset by lower output at Kaxu and Chilean solar assets.
Adjusted EBITDA increased 4.8% to $657.5M, with growth in all major geographies and business sectors, especially renewable energy and efficient natural gas & heat.
Net income attributable to the company declined 29.1% to $32.7M, mainly due to higher operating expenses, increased depreciation and impairment charges, and a higher effective tax rate.
Operating cash flow declined 6.6% to $311.8M, and CAFD decreased 4.0% to $176.9M.
Acquisition by Bidco/Energy Capital Partners for $22/share is expected to close December 12, 2024, with all regulatory approvals received.
Financial highlights
Revenue: $918.7M (+7.0% YoY); Adjusted EBITDA: $657.5M (+4.8% YoY); Operating profit: $307.7M (+5.6% YoY).
Net income: $32.7M (down from $46.1M YoY); EPS: $0.28 (vs. $0.40 YoY).
CAFD per share: $1.52 (down from $1.59 YoY); CAFD: $176.9M (down 4.0% YoY).
Cash flow from operations: $311.8M (down 6.6% YoY); Net cash used in investing: $135.6M; Net cash used in financing: $192.2M.
Total assets: $8.59B; Total equity: $1.44B; Corporate liquidity: $320.3M.
Outlook and guidance
Management expects continued growth from new investments, including Imperial (100 MW PV+storage), UK Wind 1 & 2, and assets under construction such as Coso Batteries and Chile PMGD.
Pipeline includes 2.18 GW of renewables and 10.98 GWh of storage; 16% of projects expected to reach ready-to-build in 2024/2025.
Transaction with Bidco/Energy Capital Partners expected to close in December 2024, after which the company will be privately held.
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