Meridian's 1Q Earnings Hurt Dry Conditions; No Change to FVE
Narrow-moat Meridian Energy had a weak September quarter, broadly 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 energy margin in the first three months of the fiscal year is down roughly 14% from the year-ago period. Most of the damage was done in July and the first half of August, before improved rainfalls helped earnings recover. Despite the weak start, we believe the firm can...Meridian Energy is engaged in the generation, trading and retailing of electricity, related products and services. Co. operates in three reportable segments. The wholesale segment includes generation and sale of electricity to wholesale market; purchase and resale of electricity to industrial and retail customers; development of New Zealand renewable energy generation opportunities; and provision of risk management and dam consultancy services. The retail segment includes purchase and sale of electricity to retail customers; and provision of metering services. The international segment includes generate, sale and retail of electricity within Australia and United States.
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