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Mar 31, 2024
Genie Energy Q1 2024 Earnings Report
Genie Energy reported record first quarter revenue and gross profit, driven by Genie Retail Energy and Genie Renewables.
Key Takeaways
Genie Energy reported a strong first quarter in 2024, with record revenue and gross profit. Genie Retail Energy and Genie Renewables drove the overall business growth. The company also repurchased 250,000 shares of its Class B Common stock and continued its quarterly dividend.
Revenue increased by 13.7% to $119.7 million.
Gross profit increased by 1.5% to $33.8 million.
Income from operations was $9.8 million.
Earnings per diluted share was $0.30.
Genie Energy
Genie Energy
Genie Energy Revenue by Segment
Revenue by Segment
Genie Retail Energy Revenue
CapyFin.comGenie Renewables Revenue
CapyFin.com Forward Guidance
Genie Energy expects to generate attractive returns with its strong retail customer base and continue to move Company-owned solar projects forward in its pipeline. The company also anticipates returning cash to shareholders through dividends and stock repurchases.
Positive Outlook
- Energy markets have remained relatively stable.
- Company is well positioned with a strong retail customer base.
- Company continues to move Company-owned solar projects forward in pipeline.
- Two projects in New York State entering the construction phase.
- Company is evaluating additional opportunities to grow pipeline more efficiently.
Challenges Ahead
- Some irregular weather patterns were experienced.
- First quarter income from operations decreased 13.4% to $14.2 million from $16.4 million for Genie Retail Energy.
- Adjusted EBITDA decreased 13.1% to $14.6 million from $16.8 million for Genie Retail Energy.
- Gross Adds decreased to 70 from 129 for Genie Retail Energy.
- Churn increased to 5.5% from 4.4% for Genie Retail Energy.
Revenue & Expenses
Visualization of income flow from segment revenue to net income