NRG Yield Posts FY Loss; Backs FY18 Outlook

(RTTNews) - NRG Yield Inc. (NYLD, NYLD.A) reported that its net loss attributable to the company for fiscal year 2017 was $16 million or $0.16 per share, compared to profit of $57 million or $0.58 per share in the prior year.

Full year Net Loss results were impacted by the write down of the existing net deferred tax asset and the non-cash asset impairments in the fourth quarter, as well as a $13 million impairment taken by NRG in the third quarter of 2017 in connection with the November 2017 Drop Down assets sale to NRG Yield. In accordance with common control accounting rules, NRG Yield recorded the impairment in its year-end financial statements as if the November 2017 Drop Down Assets were part of the Company from the beginning of the financial statement period.

Total operating revenues were $1.01 billion, down from $1.04 billion in the prior year.

NRG Yield reconfirmed 2018 full year financial guidance. The company still expects net Income of $125 million, Adjusted EBITDA of $950 million, and Cash from Operating Activities of $599 million.