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Sep 30, 2020
Genie Energy Q3 2020 Earnings Report
Reported earnings of $0.24 per diluted share on revenue of $96.3 million.
Key Takeaways
Genie Energy reported strong third-quarter results driven by long-term investments in customer base growth and geographic diversification. The global customer base reached its highest level due to international meter acquisitions. U.S. revenue, gross profit, and income from operations increased due to higher electricity consumption.
Global customer base expanded due to international meter acquisitions.
U.S. revenue, gross profit, and income from operations increased due to higher electricity consumption.
Residential electricity demand in the U.S. increased during the COVID-19 era.
Acquired partner’s interest in the U.K. joint venture for $1.7 million.
Genie Energy
Genie Energy
Forward Guidance
Genie Energy expects the U.K. joint venture to become EBITDA accretive within the next two years.