Atlantica Sustainable Infrastructure plc (NASDAQ: AY) recently reported its fourth-quarter FY23 results, which have left investors feeling a bit disappointed. The company’s revenue of $241.3 million missed the consensus estimate of $245.8 million, while operating profit declined to $50.5 million from $58.7 million compared to the previous year.
Despite these setbacks, Atlantica did see some positive movement in other areas. Adjusted EBITDA increased to $167.6 million from $166.5 million the prior year, and the company reported earnings per share of $0.02, beating the consensus loss of $(0.23). However, operating cash flow for the year was down to $388.0 million from $586.3 million in 2022, and Cash Available for Distribution (CAFD) for the quarter fell to $51.6 million from $58.9 million the previous year.
In terms of its operations, Atlantica had renewable energy of 2,171MW in operation in 2023, producing 5,458GWh, and efficient natural gas & heat of 398MW in operation, producing 2,549GWh.
Looking ahead to FY24, Atlantica provided guidance for adjusted EBITDA of $800 million to $850 million and CAFD of $220 million to $270 million. The company’s Board of Directors also approved a dividend per share of $0.445, payable on March 22, 2024, to shareholders of record as of March 12, 2024.
As of December 31, 2023, Atlantica had $33.0 million in cash at the corporate level and net project debt of $3.9 billion.
Despite the mixed results, AY shares are currently trading lower by 1.17% at $17.75. Investors will be keeping a close eye on how the company performs in the coming quarters and if it can meet its outlook for FY24.
