Hannon Armstrong Sustainable Infrastructure Capital (NYSE:HASI) posted on Thursday Q4 revenue that trounced the Wall Street consensus as interest income and fee income jumped, while its per-share earnings slightly missed expectations.
The company that specializes in climate solutions investing also announced a leadership transition. Jeffrey W. Eckel, currently chair, president, and CEO, will become executive chairman. Jeffrey A. Lipson, currently EVP, chief operating officer and chief financial officer, will be CEO. Marc Pangburn, currently EVOP and co-chief investment officer, will become CFO.
The company affirmed its prior guidance for distributable EPS compounded annual growth of 10%-13% for 2021 to 2024. That implies 2024 distributable EPS at midpoint of $2.40 per share, relative to the 202 baseline of $1.55 per share.
Q4 distributable EPS of $0.47, missing the $0.49 consensus, slipped from $0.49 in Q3 and was unchanged from $0.47 in Q4 2021.
Q4 revenue of $58.3M vs. $35.1M consensus dropped from $60.2M in the prior quarter and increased from $53.7M in the year-ago period.
Q4 interest income of $36.8M climbed from $34.3M in Q3 and from $30.5M in Q4 2021. Fee income rose to $9.09M from $4.75M in Q3 and from $3.27M in Q4 2021.
Q4 distributable net investment income of $46.3M rose from $43.4M in the prior quarter and from $38.7M in the year-ago quarter.
Expenses for the quarter rose to $57.7M from $48.2M in Q3 and from $42.1M in Q4 2021.
Its portfolio totaled $4.3B as of Dec. 31, 2022, compared with $3.9B at Sept. 30, 2022.
Earlier, Hannon Armstrong (HASI) non-GAAP EPS of $0.47 misses by $0.02, revenue of $58.3M beats by $23.22M.