Pattern Energy sees Q3 operating loss greater than Q316
On October 18, Pattern Energy reported that the recent natural disasters, including the hurricanes in Texas and Puerto Rico, the earthquake in Mexico and the wildfires in California adversely impacted the company's operations in the third quarter. The company evacuated its 283 megawatt Gulf Wind project in Texas prior to Hurricane Harvey and its 101 MW Santa Isabel project in Puerto Rico prior to the Irma and Maria hurricanes. The company closed its Houston office for more than a week during Hurricane Harvey. In addition, wind conditions during the third quarter of 2017 were below the long-term average experienced. All of the foregoing adversely affected the company's production and revenues in the third quarter and as a result the company expects its operating loss for the third quarter of 2017 to be materially and substantially greater and its cash available for distribution to be materially and substantially lower, in each case, than the corresponding amounts in the third quarter of 2016. The foregoing are preliminary estimates prepared internally by management and have not been reviewed or audited by the Company's independent registered public accounting firm. There can be no assurance that the Company's actual results for the third quarter, which have not been finalized as of the date of this current report, will not differ materially from management's estimates or that they will not be lower than market expectations, including those of research analysts. The company expects to publicly announce actual results for the third quarter during the second week of November 2017.