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Sep 30, 2023
Genie Energy Q3 2023 Earnings Report
Revenue increased, but gross profit, income from operations, adjusted EBITDA, and EPS decreased due to market volatility in the previous year and reduced gross margins.
Key Takeaways
Genie Energy reported record quarterly revenue driven by strong performance in its domestic energy supply business. The company is increasing its 2023 Adjusted EBITDA guidance due to strong year-to-date performance and optimism for the winter season. Genie Renewables is also expanding its solar project development pipeline.
Revenue increased 53.8% year-over-year to $125.0 million.
Gross profit decreased 4.8% to $41.1 million.
Net income from continuing operations decreased to $14.8 million from $22.3 million, with diluted EPS decreasing to $0.53 from $0.70.
Cash, restricted cash, and marketable equity securities increased to $143.8 million.
Revenue by Segment
Forward Guidance
Genie Energy increased its previous consolidated 2023 Adjusted EBITDA guidance range of $47 to $55 million to $52 to $57 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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