Brookfield Renewable Corp. (BEPC) shares soared 5.02% in pre-market trading on Friday as the company reported record results for the fourth quarter and full year 2024:
• BEPC reported funds from operations (FFO) of $794 million for 2024, up 11% from 2023, driven by contributions from acquisitions, organic growth initiatives, and asset recycling.
• In Q4 2024, FFO rose 18% year-over-year to $199 million, buoyed by strong operational performance and inflation-linked contracted cash flows.
• The company raised its annual distribution by over 5% to $1.492 per unit, marking 14 consecutive years of at least 5% annual distribution growth.
• Brookfield Renewable sees accelerating demand for renewable power driven by corporate customers, digitization and electrification trends. Its significant development pipeline and access to capital position it well to capitalize on this demand.
• The company achieved record asset monetization proceeds in 2024, generating $2.8 billion at over 2.5x invested capital and an internal rate of return of around 25%.
The strong results, raised distribution, and robust growth outlook led to the surge in Brookfield Renewable's shares in pre-market trading on the last trading day of the week.
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