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Genie Energy Ltd. (NYSE: GNE) is a leading retail and renewable energy solutions provider. The company operates through its two primary segments: Genie Retail Energy (GRE) and Genie Renewables (GREW).
Genie Retail Energy (GRE) supplies electricity, including from renewable sources, and natural gas to residential and small business customers across the Eastern and Midwestern United States. GRE has been expanding its customer base and leveraging the stability of wholesale energy markets to achieve strong financial results.
Genie Renewables (GREW) holds controlling interests in various companies that manufacture solar panels, design solar installations, and manage solar energy projects. The division is vertically integrated, providing commercial, community, and utility-scale solar energy solutions. GREW has been making significant strides in expanding its solar generation pipeline, reaching over 100 megawatts (MW) in development.
Recently, Genie Energy completed the redemption of all outstanding shares of its Series 2012-A Preferred Stock, resulting in a $6.5 million aggregate payment. With no debt outstanding, the company is well-positioned for future growth.
Financially, Genie Energy reported that as of June 30, 2023, it had cash, restricted cash, and marketable equity securities totaling $115.1 million. The company's second quarter saw record revenue, income from operations, and Adjusted EBITDA, driven by a 27.8% increase in income from operations for GRE.
Genie Energy is committed to sustainable and affordable energy solutions, with a focus on clean energy technologies and expanding its solar energy projects. The company continues to invest in both its retail energy and renewable energy segments to drive growth and provide value to its shareholders.
Genie Energy, Ltd. (NYSE: GNE, GNE.PRA) reported strong second-quarter results for 2022, with net income rising to $33.9 million, or $1.30 EPS, compared to $5.0 million, or $0.19 EPS, in 2021. Gross profit surged by 218.2% to $67.5 million, with a gross margin of 89.9%. Despite a 1.8% revenue decline to $75.0 million, the company maintained solid profitability. Genie returned $8.8 million to shareholders through share repurchases and dividends. Additionally, it launched Sunlight Energy Investments to focus on solar projects, enhancing its energy strategy amid market volatility.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its financial and operational results for the second quarter of 2022 on August 8, 2022. The earnings release will be available at 7:30 AM Eastern on their website and through a wire service. Following this, a conference call will be held at 8:30 AM Eastern for management to discuss results and outlook. Participants can access the call via specific dial-in numbers. A replay will be available shortly after the call, lasting until August 22, 2022.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced that CFO Avi Goldin will present at the East Coast IDEAS Investor Conference on June 22-23, 2022. The presentation will begin at 6:00 AM ET on June 22 and will cover Genie Energy's strategy and outlook for 2022. Investors can access the presentation via the conference website or Genie Energy's investor relations page. Additionally, CEO Michael Stein and Goldin will hold virtual 1x1 investor meetings on June 23. For meeting inquiries, investors should contact Lacey Wesley.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) has revised its presentation time at the Sidoti May Virtual MicroCap Conference. CFO Avi Goldin will present on Thursday, May 12, 2022, at 10:45 a.m. ET. Additionally, Goldin and CEO Michael Stein will conduct one-on-one meetings with investors on May 11 and 12. Interested parties can register for the webcast and meetings through the Sidoti conference portal or by contacting Brian Siegel from Hayden IR.
Genie Energy is a leading provider of energy solutions, supplying electricity and natural gas to residential and commercial customers.
On May 9, 2022, Genie Energy reported a record gross profit of $45.5 million and a gross margin of 46.2% for Q1 2022. Despite a 8.3% revenue decline to $98.5 million, net income attributable to shareholders reached $17.5 million, with diluted EPS at $0.67. The company highlighted strong performance from its Genie Retail Energy division, generating significant cash flows and adjusted EBITDA of $25.7 million. Genie plans to use its solid cash position for future growth opportunities.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will present at the Sidoti May Virtual MicroCap Conference on May 11-12, 2022. Avi Goldin, CFO, will speak on May 11 at 10:45 a.m. ET. One-on-one meetings with investors will also be held during the conference. Genie Energy is a global energy services provider, focusing on electricity and natural gas supply, including renewable resources, primarily in the U.S. Their divisions also include Genie Solar Energy and Diversegy.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will release its financial and operational results for Q1 2022 on May 9, 2022, at 7:30 AM Eastern. The results will be disseminated via a wire service and available on the company's website. Following this, at 8:30 AM, management will host a conference call to discuss the results, business outlook, and strategy, allowing for a Q&A session. Participants can join the call by dialing specific numbers provided in the release. A replay of the call will be accessible until May 23, 2022.
The board of directors of Genie Energy Ltd (NYSE: GNE, GNEPRA) has declared a cash dividend of $0.2442 per share of the Series 2012-A Preferred Stock for Q1 2022. This includes a Base Dividend of $0.1594 and an Additional Dividend of $0.0848, related to the company's REP business performance through December 31, 2021. The dividend payment will occur on or about May 16, 2022, to shareholders of record as of May 6, 2022. The distribution is classified as an ordinary dividend for tax purposes.
Genie Energy, Ltd. (NYSE: GNE, GNEPRA) announced its fourth quarter and full-year results for 2021, reporting a 5.3% revenue increase to $84.7 million and a significant gross profit surge of 53% to $29.6 million. The company achieved a gross margin expansion of 900 basis points in its U.S. retail segment, driven by strategic risk management. Notably, international revenue grew by 63%, and the renewables segment saw a 26% rise in gross profit. The company reinstated its quarterly dividend, yielding approximately 5%. Overall, 2021 was a successful year with a strong balance sheet and positive outlook for 2022.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its financial and operational results for the fourth quarter and full-year 2021 on March 10, 2022, at 7:30 AM Eastern.
The earnings release will be available on their website and filed with the SEC. A conference call will follow at 8:30 AM, where management will discuss results and future strategies. Participation can be done via phone using specific access codes. A replay will be available until March 17, 2022.
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