BEP - Why Brookfield Renewable Partners Rallied Today
2024-05-03 15:54:20 ET
Shares of Brookfield Renewable Partners (NYSE: BEP) rallied as much as 6.9% on Friday before settling into a 4% gain as of 2 p.m. ET.
The renewable energy master limited partnership , which owns various types of renewable energy assets in hydroelectric power, solar, wind, distribution, and storage, beat analysts' estimates for revenue and funds from operations (FFO) . Moreover, it inked a huge contract to supply renewable power to the current leader in artificial intelligence cloud computing.
In the first quarter, Brookfield saw revenue rise 12% to $1.49 billion, beating estimates by $60 million, and funds from operations of $0.45 per share rose 8%, beating estimates by $0.03. Management cited the company's diverse asset base and inflation-linked power purchase agreements as the reason behind the strong results, and forecast FFO to grow by over 10% this year.
For further details see:
Why Brookfield Renewable Partners Rallied Today