Dry Spell Hurts Contact's 1Q Earnings but Looks to Be Over; No Change to FVE
Narrow-moat Contact Energy had a soft start to fiscal 2018, as expected. Dry South Island conditions hampered its hydroelectric generation in the last few months of fiscal 2017, and this carried into fiscal 2018. We estimate EBITDA in the first three months of the fiscal year to be down nearly 15% from the year-ago period. Most of the damage was done in July and the first half of August, before improved hydro inflows helped earnings recover. We still believe the firm can notch modest earnings gr...Contact Energy sell electricity, gas and liquefied petroleum gas (LPG) products and services to residential, small business, commercial and industrial customers. Co. has two operating segments: Integrated Energy, which is a generator of electricity and a purchaser and retailer of electricity and natural gas to customers throughout New Zealand; as well as Other, which consists of other products and services provided by Co., which includes the sale of LPG.
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