8Point3 Energy Partners LP (NASDAQ: CAFD) in the third quarter of FY 17 has reported the adjusted earnings per share of 27 cents, missing the analysts’ estimates for the adjusted earnings per share of 65 cents. But, the company had reported the adjusted revenue of $27.7 million in the third quarter of FY 17, beating the analysts’ estimates for revenue of $25.8 million.
Additionally, SunPower has joined First Solar in its desire to sell its ownership stake in CAFD though, there can be no assurances that a transaction will be consummated. Additionally, during the third quarter, the Board of Directors of the Partnership’s general partner has waived the negotiating period related to the offering of SunPower’s 100-MW Boulder Solar 1 Right of First Offer (ROFO) project. Therefore, due to this waiver, SunPower has the right to offer and sell this project to a third party in accordance with the terms of the ROFO Agreement.
8Point3 Energy Partners in the third quarter has declared a cash distribution of its Class A shares of $0.2721 per share for the third quarter. The third quarter distribution will be paid on October 13th, 2017 to shareholders of record as of October 3rd, 2017.
For the fourth quarter ending in November, CAFD expects revenue to be in the range of $12 million to $15 million. The net income is expected in the range of $1.5 million to $4.0 million, Adjusted EBITDA is expected in the range of $22.0 million to $25.0 million, CAFD is expected in the range of $32.0 million to $35.0 million and a distribution of $0.2802 per share, which is a forecasted increase of 3.0 percent compared to the Q3 2017 distribution.
8Point3 Energy Partners has raised the forecast for FY 18. The company expects for FY 18, the revenue to be in the range of $66.5 million to $69.5 million. In FY 18, the net income is expected in the range of $32.0 million to $34.5 million, the adjusted EBITDA is expected in the range of $117.0 million to $120.0 million and CAFD is expected in the range of $106.0 million to $109.0 million. The company has also reiterated its expected distribution growth rate of 12 percent for the fiscal year 2017.
CAFD stock has risen 4.31% in a year (source: Google Finance).