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Jun 30, 2021
Genie Energy Q2 2021 Earnings Report
Reported strong net income and global customer base expansion, driven by organic meter growth in international operations and durable consumption levels in the U.S.
Key Takeaways
Genie Energy reported a strong second quarter with robust top and bottom-line results, driven by organic meter growth in international operations and durable consumption levels in the U.S.
Revenue increased by 28% due to customer growth and the consolidation of UK results into Genie Retail Energy International.
Genie Retail Energy saw sustained benefits from elevated consumption.
The company is exploring a potential spin-off of Genie Retail Energy International.
Genie Renewables reported increased gross margin as the segment shifted to higher-margin solar projects.
Genie Energy
Genie Energy
Forward Guidance
Genie Energy is focused on delivering strong cash flow and bottom-line performance in the second half of the year. The company is encouraged by the improvement in the marketing environment in the US and expects its international business to continue to drive strong growth and improving profitability.
Positive Outlook
- Improvement in the marketing environment in the US.
- Confident to return to previous levels of meter growth once all sales channels are fully re-opened.
- International business is expected to continue to drive strong growth.
- International business is expected to demonstrate improving profitability.
- GREI is an attractive investment on a stand-alone basis.