Q3 2024 HA Sustainable Infrastructure Capital Inc Earnings Call Transcript
Key Points
- HA Sustainable Infrastructure Capital Inc (HASI) closed $1.7 billion in new investments year-to-date, reflecting strong growth and an active start to the fourth quarter.
- Managed assets have grown by 14% over the last 12 months, now exceeding $13 billion.
- The company achieved an adjusted earnings per share (EPS) growth of 8% over the first three quarters of 2023.
- HA Sustainable Infrastructure Capital Inc (HASI) maintains a consistent and disciplined approach to interest rate risk management, ensuring attractive margins.
- The company has a robust pipeline of over $5.5 billion, diversified across various markets, indicating strong future growth potential.
- The company reported a GAAP loss of 17 cents per share for Q3, driven by mark-to-market impacts related to power contracts.
- Higher interest rates have increased the company's cost of debt relative to 2023, although it has declined incrementally from earlier in 2024.
- The renewable natural gas (RNG) market, while growing, is not yet comparable in size to wind and solar markets, potentially limiting diversification.
- Gain on sale transactions can vary significantly from quarter to quarter, introducing some unpredictability in financial results.
- The company's exposure to interest rate volatility remains a concern, despite hedging strategies in place to mitigate risks.
Greetings and welcome to HASI'S third quarter, 2024 earnings conference call and webcast.
At this time, all participants are in elephant only mode, a brief question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference, please press star then zero on your telephone keypad.
As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Aaron Chu, senior Vice President of Investor Relations.
Thank you operator and good afternoon to everyone joining us today for he's third quarter conference call.
Earlier this afternoon has distributed a press release reporting our third quarter, 2024 results.
A copy of which is available on our website along with the slide presentation we will be referring to today.
This conference call is being webcast live on the investor relations page of our website where a
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