On Friday, Shares of Annaly Capital Management, Inc. (NYSE:NLY), gained 0.87% to $10.39.
Annaly Capital Administration, declared its financial results for the quarter ended June 30, 2015.
Financial Performance
The Company stated GAAP net income for the quarter ended June 30, 2015 of $900.1 million, or $0.93 per average common share, contrast to a GAAP net loss of $476.5 million, or $0.52 loss per average common share, for the quarter ended March 31, 2015, and a GAAP net loss of $335.5 million, or $0.37 loss per average common share, for the quarter ended June 30, 2014. The enhance for the quarter ended June 30, 2015 contrast to each of the quarters ended March 31, 2015 and June 30, 2014 is the result of favorable changes in realized and unrealized losses on our interest rate swaps given the higher interest rate environment.
Core earnings for the quarter ended June 30, 2015 was $411.1 million, or $0.41 per average common share, contrast to $254.1 million, or $0.25 per average common share, for the quarter ended March 31, 2015, and $300.4 million, or $0.30 per average common share, for the quarter ended June 30, 2014. Core earnings improved during the quarter ended June 30, 2015 contrast to the quarter ended March 31, 2015 due to lower amortization expense on Investment Securities, a result of higher interest rates and slower prepayment expectations. Core earnings raised during the quarter ended June 30, 2015 contrast to the quarter ended June 30, 2014 due to lower amortization expense on Investment Securities and a decline in interest expense on swaps due to a shift in the Company’s hedging strategy. “Core earnings” represents a non-GAAP measure and is defined as net income (loss) not taking into account gains or losses on disposals of investments and termination of interest rate swaps, unrealized gains or losses on interest rate swaps and financial instruments measured at fair value through earnings, net gains and losses on trading assets, impairment losses, net income (loss) attributable to noncontrolling interest, and certain other non-recurring gains or losses, and inclusive of dollar roll income (a component of Net gains (losses) on trading assets).
Annaly Capital Administration, Inc. owns a portfolio of real estate related investments in the United States. The company invests in various types of agency mortgage-backed securities and related derivatives to hedge these investments; acquires, finances, and manages commercial mortgage loans and other commercial real estate debt, commercial mortgage-backed securities, and other commercial real estate-related assets; and operates as a broker-dealer.
Shares of NRG Yield, Inc. Class C (NYSE:NYLD), inclined 1.69% to $16.89, during its last trading session.
NRG Yield stated second quarter 2015 financial results counting Adjusted EBITDA of $187 million and CAFD of $26 million. Net income attributable to Class A and Class C stockholders for the three months ended June 30, 2015 was $10 million or $0.15 per Class A and Class C common share.
“NRG Yield continues to be one of the most prudently robust and diverse yieldcos in the market, allowing us to continue to transform the energy industry at an accelerated pace,” said David Crane, Chairman and CEO of NRG Yield. “While the industry as a whole underperformed this quarter, as a result of historically low wind resource, NRG Yield’s diversified asset portfolio provides lower potential volatility, enabling us to reaffirm both our current dividend and our anticipated trajectory of dividend growth going forward.”
For quarter ended June 30, 2015, NRG Yield stated Net Income of $41 million, Adjusted EBITDA of $187 million, and CAFD of $26 million. Second quarter Adjusted EBITDA was higher than the same period in 2014 by $46 million primarily as a result of the acquisition of the Alta Wind portfolio in the third quarter 2014. Second quarter CAFD was $17 million lower than the same period in 2014 primarily as a result of the timing of the Alta Wind debt service and additional corporate interest.
NRG Yield, Inc., through its auxiliaries, acquires, owns, and operates contracted renewable and conventional generation, and thermal infrastructure assets in the United States. As of December 31, 2014, it had 4 natural gas or dual-fired facilities, 4 thermal generation facilities, 11 utility-scale solar and wind generation facilities, and 2 portfolios of distributed solar facilities with a capacity of about 2,984 net megawatt (MW).
Finally, Pattern Energy Group Inc (NASDAQ:PEGI), ended its last trade with -1.13% loss, and closed at $22.83.
Pattern Energy Group, declared its financial results for the second quarter of 2015.
Highlights
- Cash accessible for distribution (CAFD) of $28.0 million, up 74%
- Adjusted EBITDA of $66.8 million, up 14%
- Proportional GWh sold of 1,202 GWh, up 56%
- Revenue of $84.7 million, up 30%
- Declared a third quarter dividend of $0.363 per Class A common share or $1.452 on an annualized basis, subsequent to the end of the period, representing a 3% enhance over the previous quarter’s dividend
- Attained remaining interests resulting in 100% ownership of the 283 MW Gulf Wind project, subsequent to the end of the period, and recapitalized the project by repaying the short maturity project debt with long term debt
- Raised owned capacity to 2,282 MW through five acquisitions, Lost Creek, Post Rock, Amazon Wind Farm (Fowler Ridge), K2, in addition to, Gulf Wind
- Added 526 MW in owned capacity to the identified Right of First Offer (ROFO) list counting the first five Japanese projects from Pattern Development’s relationship with GPI; the identified ROFO list stands at 1,270 MW of owned capacity
- Raised its CAFD per share compound annual growth rate (CAGR) target to 12-15% for the three-year period through 2017
- Established a 5,000 MW owned capacity target for YE 2019, representing a 119% enhance in its current owned capacity
- Accomplished a $350 million capital raise compriseing of a $225 million convertible note private placement and a $125 million common equity public offering, subsequent to the end of the period
Pattern Energy Group Inc., an independent power company, owns and operates power projects in the United States, Canada, and Chile. As of March 2, 2015, the company owned interests in 12 wind power projects with the capacity of 1,636 megawatts.
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