SunEdison announced financial results for the 2015 first quarter. During the first quarter, the team continued balancing operational execution while accomplishing major strategic initiatives. The acquisition of First Wind has been closed, and TerraForm Power, the asset ownership platform, increased its CAFD and dividend guidance as it reached 1.7GW of operating assets.
“On the operations front, the team delivered 273 MW, a first quarter record, while also achieving new records in our pipeline, backlog, and projects under construction," said Ahmad Chatila, Chief Executive Officer.
In the quarter, the net sales were $323 million, decreased from $406 million in 4Q14 and $304 million in 1Q14. Gross profit also reduced y-o-y and Q-o-Q to $289 million. However, SunEdison still expects improvement for the second quarter and 2015 as following: (key metrics assuming no significant worldwide eeconomic issues or other significant events)
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| Source: SunEdison |
Quarterly Review:
All-Time MW Records for Q1
- 273 MW Total; up 123 MW Y/Y
- 2.9 GW of backlog additions net of losses; 2.7 GW of gross pipeline additions; 774 MW under construction at quarter end
Execution on M&A; Successful Launch of Wind Platform
- Closed First Wind in January
- Announced the Atlantic Power acquisition on April 1
- Multiple announcements today supporting Emerging Markets initiatives
TerraForm Power Continues to Deliver
- $225 million 2015 CAFD guidance; up from $214 million
- $1.35 dividend per share guidance for 2015; up from $1.30
- 1,675 MW of operating assets as of quarter end; up 70% Q/Q
- 167 MW of drop downs from SUNE in Q1
