SAN FRANCISCO, October 13, 2019 – Shares of Pattern Energy Group Inc. (NASDAQ: PEGI) declined -2.61% to $26.14. The stock traded total volume of 865.136K shares lower than the average volume of 865.60K shares.
Pattern Energy Group Inc. (NASDAQ & TSX: PEGI) reported net loss of $46.0M in the first quarter of 2019, compared to a net loss of $13.0M for the same period last year. The increase of $33.0M in net loss in the quarterly period was primarily attributable to a $24.0M increase in net loss at the operating business segment, mainly due to losses at existing projects, divestitures in 2018, derivative losses and a $10.0M increase in the share of net loss at the development investment segment, which included impairment expense and increased cost of development including legal, professional and related party administrative expense.
Pattern Energy sold 2.115M megawatt hours (“MWh”) of electricity on a proportional basis in the first quarter of 2019, compared to 2.135M MWh sold in the same period last year. The 1% decrease in the quarterly period was primarily due to volume decreases as a result of divestitures in 2018 and unfavorable wind conditions partially offset by volume increases due to acquisitions in 2018 and less curtailment and congestion in the first quarter of 2019.
Adjusted EBITDA decreased 6% to $98.0M for the first quarter of 2019, compared to $104.0M for the same period last year. The $6.0M decrease in the quarterly period was primarily due to decreases of $13.0M due to divestitures in 2018 and $10.0M due to losses at our development investment segment. These decreases in Adjusted EBITDA were partially offset by increases of $16.0M from new projects acquired in 2018 and $2.0M from projects fully operational in both periods.
Cash available for distribution increased 23% to $53.0M for the first quarter of 2019, compared to $43.0M for the same period last year. The $10.0M increase in the quarterly period was primarily due to increases of $9.0M from projects fully operational in both periods and $7.0M from new projects acquired in 2018, partially offset by a decrease of $6.0M due to divestitures in 2018.
PEGI has the market capitalization of $2.54B and its EPS growth ratio for the past five years was 27.40%. The return on assets ratio of the Company was -1.20% while its return on investment ratio stands at -1.10%. Price to sales ratio was 5.01 while 88.30% of the stock was owned by institutional investors.
