Hannon Armstrong Sustainable Infrastructure Capital ( NYSE: HASI ) stock is rising 4.3% in Thursday after-hours trading after infrastructure investment firm posted earnings that exceeded the Wall Street consensus, helped by strong net investment income growth, and affirmed its three-year EPS growth guidance.
The company that invests in climate solutions still expects distributable EPS CAGR of 10%-13% from 2021 to 2024. That results in a 2024 midpoint of $2.40 per share and compares with the consensus estimate of $2.38.
Q2 distributable EPS of $0.60, topping the $0.50 consensus, increased from $0.52 in Q1 and from $0.57 in Q2 2021.
Q2 interest income of $33.4M climbed from $30.2M in Q1 and $25.0M in Q2 2021.
Q2 distributable net investment income of $47.9M rose from $42.5M in the prior quarter and from $33.2M in the year-ago period.
Q2 revenue of $62.8M climbed from $58.5M in the prior quarter and from $58.9M in the year-ago quarter.
"Record distributable earnings per share in the quarter on strong net investment income from portfolio growth and stable margins, shows the increasing strength of our dual-revenue business model," said Chairman and CEO Jeffrey W. Eckel.
Expenses for the quarter rose to $66.5M from $49.3M in the prior quarter and $58.8M in the year-ago quarter.
Its portfolio totaled $3.9B as of June 30, 2022, which included ~$2.3B of behind-the-meter assets and ~$1.6B of grid-connected assets; that compares with a $3.75B portfolio at March 31, with ~$2.0B of behind-the-meter assets and ~$1.7B of grid-connected assets.
Earlier, Hannon Armstrong ( HASI ) GAAP EPS of -$0.21 misses by $0.48, revenue of $62.8M beats by $32.44M
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Hannon Armstrong stock gains after strong net investment income fuels Q2 beat