TerraForm Power (TERP) Stock Plunging After Earnings Miss
NEW YORK (TheStreet) -- TerraForm Power (TERP) stock is plummeting, down by 18.39% to $14.94 on heavy trading volume on Tuesday, after the company's 2015 third quarter earnings results missed analysts' expectations.
The clean power company is operated as a yieldco by the solar company SunEdison (SUNE). After the market close on Monday, TerraForm reported a loss of 3 cents per share on revenue of $163.3 million.
Analysts surveyed by Zacks Investment Research were expecting the company to report earnings of 24 cents per share on revenue of $153.9 million for the most recent quarter.
"Our portfolio has been able to deliver solid results, quarter after quarter, due to its geographic diversity and balanced mix of contracted solar and wind power plants," CEO Carlos Domenech said in a statement. "We will remain focused on optimizing the performance of our fleet to continue to deliver strong CAFD and dividends for our shareholders."
Additionally, SunEdison announced today that it might reduce sales of renewable energy assets to its yieldcos until market conditions improve, Reuters reports.
So far today, 7.59 million shares of TerraForm have traded, versus its 30-day average of 1.99 million shares.
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