Welcome to our dedicated page for Genie Energy news (Ticker: GNE), a resource for investors and traders seeking the latest updates and insights on Genie Energy stock.
Genie Energy Ltd. reports news on its retail energy and renewable energy operations. The company operates through Genie Retail Energy, which resells electricity and natural gas to residential and commercial customers, and Genie Renewables, which includes solar generation, solar project activity and the Diversegy energy brokerage business.
Recurring updates cover quarterly financial and operating results, customer meter and RCE trends, wholesale power cost pressures, solar portfolio and development pipeline activity, dividends, share repurchases, annual meeting matters and business outlook commentary. Recent company communications also address financial statement restatements, delayed annual reporting and NYSE continued-listing compliance tied to SEC filing timing.
Genie Energy (NYSE: GNE), a leading retail energy and renewable energy solutions provider, has scheduled its fourth quarter and full year 2024 financial results announcement for March 10, 2025. The company will release its earnings report at 7:30 AM Eastern through wire services and on their investor relations website.
A conference call with management will follow at 8:30 AM Eastern to discuss results, business outlook, and strategy, including a Q&A session with investors. Participants can join using the toll-free number 1-888-506-0062 (US) or 1-973-528-0011 (international) with access code 481357.
A replay will be available until March 24, 2025, accessible via 1-877-481-4010 (US) or 1-919-882-2331 (international) using passcode 52066. The call recording will also be available on the company's investor website.
Genie Energy (NYSE: GNE) provided an update on its consumer insurance initiative, announcing secured insurance broker licenses in seven states and the expansion of its captive self-insurance subsidiary coverage. The company expects to pay approximately $40 million in premiums for expanded insurance coverage in Q4 2024, which will result in a non-recurring, non-cash charge of about $31 million as an insurance loss reserve.
The premium payments will remain on Genie's consolidated balance sheet within reported measures of restricted cash and other assets. As of September 30, 2024, the company reported $191.7 million in cash, restricted cash, and marketable equity securities.
Genie Energy (NYSE: GNE) has secured a $7.4 million fixed rate term loan through National Cooperative Bank for financing a portfolio of operating solar generation assets. The portfolio consists of solar arrays with a combined capacity of 10MW, which provide power to educational facilities across three Midwestern states through fixed-price solar power purchase agreements (PPAs).
The company acquired these assets through its Sunlight Energy subsidiary over the past year. The financing is expected to increase the arrays' return on equity and supports Genie's broader solar generation strategy. As of September 30, 2024, Genie Renewable's development pipeline of 96 MW includes two utility-scale projects under construction and 17 projects in pre-construction development.
Genie Energy (NYSE: GNE) reported Q3 2024 results with revenue decreasing 10.5% to $111.9 million and net income falling to $10.2 million ($0.38 per share) from $14.5 million ($0.53 per share) year-over-year. The company added 36,000 net new meters during the quarter, while maintaining strong electricity and gas margins. Cash and equivalents increased to $191.7 million. The company expects to achieve the high end of its full-year Adjusted EBITDA guidance of $40-50 million. Genie Renewables showed improved performance with 29.2% revenue growth, while the retail energy segment saw a 12.1% revenue decline due to milder weather and increased customer acquisition costs.
Genie Energy (NYSE: GNE), a leading retail energy and renewable energy solutions provider, has announced it will release its financial and operational results for the third quarter of 2024 on Wednesday, November 6th, 2024. The company will issue an earnings release at 7:30 AM Eastern and host a conference call at 8:30 AM Eastern to discuss the results, business outlook, and strategy.
Investors can participate in the conference call by dialing 1-877-545-0523 (US toll-free) or 1-973-528-0016 (international) with the access code 644435. A call replay will be available until November 20, 2024, by dialing 1-877-481-4010 (US toll-free) or 1-919-882-2331 (international) with the passcode 51441. Additionally, a recording of the call will be accessible on the company's website.
Genie Energy (NYSE: GNE) reported Q2 2024 results with revenue decreasing 3.0% to $90.7 million and net income attributable to common stockholders of $9.6 million ($0.36 per diluted share). Adjusted EBITDA decreased to $12.0 million from $15.8 million in Q2 2023. The company's cash position improved, with cash, restricted cash, and marketable securities increasing to $178.3 million.
Genie Retail Energy (GRE) saw a 3.4% revenue decrease to $86.7 million, while Genie Renewables (GREW) experienced 6.6% revenue growth to $4.0 million. The company reaffirmed its full-year 2024 guidance of $40-$50 million in consolidated Adjusted EBITDA. Genie also announced a quarterly dividend of $0.075 per share and repurchased approximately 169,000 shares for $2.6 million during Q2.
Genie Energy (NYSE: GNE, GNEPRA), a leading retail energy and renewable energy solutions provider, has announced it will release its Q2 2024 financial and operational results on August 6, 2024. The company will issue an earnings release at 7:30 AM Eastern and host a conference call at 8:30 AM Eastern to discuss the results, business outlook, and strategy.
Investors can participate in the conference call by dialing 1-877-545-0523 (US toll-free) or 1-973-528-0016 (international) with the access code 312566. A call replay will be available until August 20, 2024, accessible by dialing 1-877-481-4010 (US toll-free) or 1-919-882-2331 (international) with the replay passcode 50905. A recording will also be available on the company's website.
Genie Energy announced record first quarter revenue and gross profits, led by strong performance from Genie Retail Energy and Genie Renewables. Income from operations, adjusted EBITDA, and earnings per diluted share were reported. The company repurchased shares and paid quarterly dividends. Financial metrics and segment highlights were provided in the release. Cash flow, balance sheet, and trended financial information were also discussed.
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