Clearway Energy Inc (CWEN) shares are soaring 5.08% in Wednesday's trading session, following the company's impressive third-quarter earnings report released late Tuesday. The renewable energy company significantly outperformed analyst expectations, driving investor enthusiasm.

Clearway reported a substantial increase in Q3 earnings, posting $2 per diluted share, a remarkable jump from $0.31 in the same period last year. This figure far exceeded the FactSet analyst consensus of $0.42 per share. While the company's revenue for the quarter ended September 30 decreased to $429 million from $486 million year-over-year, it still surpassed the FactSet analyst expectations of $419.7 million.

The market's positive reaction to Clearway's earnings beat underscores investor confidence in the company's financial performance and growth prospects in the renewable energy sector. This upward movement aligns with the premarket activity, where shares were already up 4.5%, indicating that investors are bullish on Clearway's outlook following these strong results.