Stock Track | Clearway Energy Soars 5% on Strong Q3 Results, Bright Outlook

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Clearway Energy Inc's (NYSE: CWEN) stock price surged 5.19% on October 30, 2024, after the renewable energy company reported impressive third-quarter 2024 financial results and provided an optimistic outlook for the years ahead.

In its Q3 earnings release, Clearway Energy reported net income of $27 million, a significant increase from $15 million in the same quarter last year. The company's Adjusted EBITDA also rose to $354 million, up from $323 million in Q3 2023, driven by the contribution of growth investments.

While Cash Available for Distribution (CAFD) dipped slightly to $146 million from $156 million in Q3 2023, the company reaffirmed its 2024 financial guidance and initiated a robust 2025 CAFD guidance of $420 million. Notably, Clearway Energy also targeted CAFD per share of $2.40-2.60 in 2027, representing approximately 7.5% to 12% annual growth from the midpoint of its 2025 guidance.

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