Sharechat Logo

Tilt affirms guidance; Dec qtr production misses long-term expectations

Friday 18th January 2019

Text too small?

Tilt Renewables has left its full-year earnings guidance in place after December quarter production fell about 5 percent shy of long-term expectations.

The firm’s wind farms in New Zealand and Australia delivered 519 gigawatt-hours of electricity during the three months, 12 percent more than a year earlier.

But after a strong performance in both countries in the September quarter, production in New Zealand late last year was 5 percent lower than the year before and also below long-term expectations.

That left group nine-month production at 1,589 GWh, 19 percent better than a year earlier but up only 3 percent on the long-run expectations the firm bases its earnings forecasts on.

Melbourne-based Tilt said the 21 percent improvement in Australian output during the past nine months reflected “higher wind conditions and the contribution of the Salt Creek Wind Farm, which has produced in line with expectations since commissioning in July.”

Tilt, controlled by major shareholders Infratil and Mercury NZ, raised its earnings outlook in October, based on strong first-half production. It is expecting to deliver operating earnings of A$134 million to A$138 million in the year through March.

The company is planning a 100 megawatt development with Genesis Energy at Waverley on the southern Taranaki coast and a 336 MW, A$560 million development at Dundonnell in Victoria.

Its shares last traded at $2.30, having gained about 9 percent the past year.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares edge lower; power companies under pressure
NZ dollar rises as bets on another OCR cut fade
Broad-based manufacturing pick-up offers silver lining
Global economic outlook not as dark as in August: RBNZ
NZ dollar slips on slew of weak global data, lack of US-China progress
MARKET CLOSE: NZ shares recover as investors re-think RBNZ review
NZ dollar falls on weak Aussie jobs numbers, poor China data
Govt media plan won't weaken commercial players - TVNZ
Goodman trust's 1H net profit quadruples on unrealised property gains
Regional house price inflation accelerates in October

IRG See IRG research reports