Pattern Energy Group Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months of June 30, 2017; Reaffirms Cash Available for Distribution Guidance for the Full Year of 2017
For the six months, Total revenue was $208,593,000 against $181,077,000 reported a year ago. Operating income was $19,135,000 against $6,728,000 reported a year ago. Net loss before income tax was $2,829,000 against $41,967,000 reported a year ago. Net income attributable to the company was $19,873,000 or $0.23 per basic and diluted share against loss of $26,893,000 or $0.36 per basic and diluted share reported a year ago. Net cash provided by operating activities was $157,183,000 against $69,976,000 reported a year ago. Capital expenditures were $39,087,000 against $25,953,000 reported a year ago. Adjusted EBITDA was $190,067,000 against $156,721,000 reported a year ago. Cash available for distribution was $94.4 million for the year to date 2017 compared to $76.5 million for the same period in the prior year. The $13.7 million increase, or approximately 39%, in the quarterly period was primarily due to a $9.7 million increase in revenues (excluding unrealized loss on energy derivative and amortization of PPAs), an $8.3 million network upgrade reimbursement primarily related to the Broadview project, and a $7.1 million increase in total distributions from unconsolidated investments.
The company reaffirmed cash available for distribution guidance of $140 million to $165 million for the full year of 2017. This 2017 guidance includes only the 19 operating projects, including Meikle, which it is agreed to acquire, and which is operational this -- earlier this year. The midpoint of the range represents approximately 15% growth in cash available for distribution versus last year.