AMPS - Altus Power plunges despite swings to net income in Q4; initiates FY22 guidance

Altus Power (NYSE:AMPS) is trading down 17.3% premarket following fourth-quarter results and initial financial guidance for the current year. It swung to a Q4 profit attributable to Altus Power of $7.2M on $21.6 million in operating revenue, an increase of 92% over fourth quarter 2020. Adjusted EBITDA during the fourth quarter of 2021 was $12.9 million, compared to $5.6 million for the fourth quarter of 2020, a 129% increase. It ended the year at a $5.9M profit attributable to Altus Power on $71.8M in revenue, up 59% from a year earlier. Full year 2021 adjusted EBITDA of $41.0M, an increase of 60% over full year 2020, with adjusted EBITDA margin of 57%. Altus expected adjusted earnings before interest, taxes, depreciation and amortization, or adjusted Ebitda, to range from $57 million to $63 million, which would mark a nearly 50% increase over 2021 at the midpoint. "In 2022 Altus Power will continue its close collaboration with Blackstone

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Altus Power plunges despite swings to net income in Q4; initiates FY22 guidance