Energy Business

TerraForm Power Filing Expected After Markets Close Tuesday

Paul Ausick

TerraForm Power Inc. (NASDAQ: TERP) filed a notice with the U.S. Securities and Exchange Commission on February 29 delaying the filing of its Form 10-K annual report until March 15, the extended filing deadline.

TerraForm Power is a yieldco established and still controlled by SunEdison Inc. (NYSE: SUNE), which has also delayed its 10-K filing and may file after markets close Tuesday, but that’s not stated in SunEdison’s February 29 filing.

In the two weeks since the two companies announced their delays a lot has happened. The two companies settled a lawsuit related to an uncompleted $700 million acquisition and TerraForm cancelled its $2 billion acquisition of Vivint Solar Inc. (NYSE: VSLR).

Both developments gave TerraForm and SunEdison stock prices a boost, with TerraForm adding about 14% and SunEdison adding about 32% through Monday’s close.

TerraForm is expected to report a fourth-quarter net loss of $0.26 per share and revenues of $122.38 million, both well below results for the same period last year. For the full year, TerraForm’s net loss is estimated by analysts to be $0.49 on revenues of $484.72 million. Shares traded up about 3.3% in the mid-afternoon, at $10.69 in a 52-week range of $6.73 to $42.66. The consensus price target on the stock is $17.78.

Estimates for SunEdison include a fourth-quarter net loss of $0.79 per share and revenues of $747.35 million. For the full year, analysts are looking for a net loss of $3.88 per share and revenues of $2 billion. Shares traded down about 1.4% at $2.10 Tuesday afternoon, in a 52-week range of $1.21 to $33.45. The consensus price target on the stock is $8.03.