Friday 18th January 2019
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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.
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