Pattern Energy Group Posts Profit In Q4

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEG.TO) Monday announced net income attributable to Pattern Energy of $2.454 million or $0.03 per share compared to loss of $20.392 million or $0.36 per share last year.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.06 per share. Analysts estimates usually exclude special items.

The company noted that the change in the quarterly period was primarily due to projects that were acquired and projects that completed construction during 2015. The results also reflects increased equity in earnings from unconsolidated investments primarily due to the acquisition of K2 in 2015.

Revenue for the quarter increased to $90.597 million from $79.418 million last year. Electricity sales were $89.023 million, up from $72.328 million in the previous year. Wall Street was looking for $98.79 million.

Looking ahead to the first quarter 2016, the company expects 46 percent increase at the midpoint of the range compared to last year to a range of $125 to $145 million.