ALTUS POWER Reports Earnings for Q1 FY2023 Ending March 31 2023.
May 28, 2023
Earnings Overview
On May 15 2023, ALTUS POWER ($NYSE:AMPS) reported its earnings results for the first quarter of FY2023 that ended on March 31 2023. The company saw a significant increase of 53.0% in total revenue compared to the same period last year, amounting to USD 29.4 million. Unfortunately, net income declined by 90.7% year-over-year to USD 5.6 million.
Stock Price
The company’s stock opened at $5.0 and closed at $5.2, representing a rise of 8.9% from the prior closing price of $4.8. This news was welcomed by the market, as well as investors, who took advantage of the opportunity to purchase ALTUS POWER shares at a discounted price. This was mainly driven by increased demand for renewable energy solutions, such as solar panels and wind turbines.
Overall, these results demonstrate ALTUS POWER’s commitment to driving growth and shareholder value. With a strong balance sheet and continued investments in renewable energy solutions, the company is well-positioned to capitalize on the growing demand for sustainable energy sources in the coming months. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Altus Power. More…
| Total Revenues | Net Income | Net Margin |
| 111.34 | 0.72 | 16.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Altus Power. More…
| Operations | Investing | Financing |
| 45.97 | -476.08 | 191.76 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Altus Power. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.66k | 1.17k | 2.72 |
Key Ratios Snapshot
Some of the financial key ratios for Altus Power are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | 24.8% |
| FCF Margin | ROE | ROA |
| -62.7% | 4.0% | 1.0% |
Analysis
At GoodWhale, we recently conducted an analysis of ALTUS POWER‘s wellbeing. Based on our Risk Rating, ALTUS POWER is a medium risk investment in terms of its financial and business aspects. We have detected two risk warnings in the income sheet and cashflow statement that should be considered when making any investment decisions. To access our full report, register on goodwhale.com and make informed decisions about your investments. Our report will provide you with the information you need to decide if ALTUS POWER is the right investment for you. More…
Peers
The company has a wide range of products and services that meet the needs of its customers. Its main competitors are Raslag Corp, SGC Energy Co Ltd, and Indigenous Roots Corp.
– Raslag Corp ($PSE:ASLAG)
Raslag Corp is a publicly traded company with a market capitalization of $2.6 billion as of 2022. The company has a return on equity of 7.66%. Raslag Corp is engaged in the business of providing engineering, construction, and project management services to the oil and gas industry.
– SGC Energy Co Ltd ($KOSE:005090)
SGC Energy Co Ltd is a leading provider of energy services in China. The company operates through three main business segments: power generation, power transmission and distribution, and energy trading. SGC Energy Co Ltd is the largest power generation company in China and the second largest power transmission and distribution company in the world. The company has a strong presence in the Chinese energy market with a market share of over 20%.
– Indigenous Roots Corp ($OTCPK:IRCC)
Indigenous Roots Corp is a Canadian based company that is in the business of producing and distributing medical cannabis. The company has a market capitalization of 1.55 million as of 2022 and a return on equity of 47.01%. The company is focused on providing high-quality medical cannabis products to patients in need.
Summary
Investors appear to be optimistic about the future prospects of ALTUS POWER following the company’s first quarter earnings report for FY2023. Total revenue had a 53.0% year-over-year increase to USD 29.4 million, however net income fell 90.7% year-over-year to USD 5.6 million. Despite the negative net income, the company’s stock price moved up on the release of the earnings report.
Investors may be encouraged by the increasing revenue and long-term growth potential of ALTUS POWER. The company’s performance in the coming quarters may be the deciding factor on whether investors will remain optimistic on this stock.
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