Atlantica Sustainable Infrastructure reports Q3 EPS 18c, consensus 11c

Reports Q3 revenue $303.96M, consensus $326.48M. The company said, “Production in the renewable energy portfolio increased by 5.5% for the first nine months of 2023 compared with the first nine months of 2022 mainly due to the increase in production in our solar assets in Spain, where solar radiation was higher, and to the contribution from the recently consolidated assets and those that have entered into operation recently. Production also increased in our U.S. solar assets mainly due to higher availability of Solana. On the other hand, production in our wind assets in the U.S. decreased due to lower wind resource in the first nine months of 2023. Production also decreased in Kaxu due to a scheduled major turbine overhaul which took longer than expected and a subsequent unscheduled outage. We expect a portion of the damage and losses from the business interruption to be covered by our insurance. In our efficient natural gas and heat segment availability decreased mostly due to a scheduled major overhaul, which did not impact revenue. In our transmission lines and water segments, where revenue is based on availability, we maintained very high availability levels.”