Genie Energy Q3 revenue up 54% to record $125M; raises FY 2023 Adj. EBITDA guidance to $52-57M

Genie Energy Ltd.

2023-Q3 EPS reported $1.68 revenue$323,787,000

Revenue $125M (+53.8% YoY); gross margin 32.9% vs 53.1% as energy markets normalized.
Diluted EPS from continuing ops $0.54 vs $0.85; net income from cont. ops $14.8M vs $22.3M.
Raised 2023 Adj. EBITDA guidance to $52-57M from prior $47-55M.
Retail Energy RCEs +49% to 375k; meters +42% to 385k; churn improved to 4.4% from 4.7%.
Solar pipeline: 17 projects (114 MW) in dev; 2 under construction (10 MW). Dividend $0.075/sh payable Nov 21.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Genie Energy Ltd. reported for the third quarter ended September 30, 2023 results: revenue Revenue increased 53.8% to $ 125.0 million, net income Net income from continuing operations attributable to Genie common stockholders decreased to $ 14.8 million, EPS diluted income per share EPS from continuing operations decreased to $ 0.54. Guidance raised.

Period: for the third quarter ended September 30, 2023
Revenue: Revenue increased 53.8% to $ 125.0 million
Net income: Net income from continuing operations attributable to Genie common stockholders decreased to $ 14.8 million
EPS: diluted income per share EPS from continuing operations decreased to $ 0.54
Guidance: raised
Result: reported results

Exact text from the filing

Genie Energy Announces Third Quarter 2023 Results Revenue increased 54 % year-over-year to a quarterly record $ 125 million Increased 2023 Adjusted EBITDA 1 guidance to $52 million to $57 million (versus prior guidance of $47 million to $55 million)

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Genie Energy Ltd. updated its for fiscal year 2023 guidance (raised).

Period: for fiscal year 2023
Guidance: raised
Result: guidance update

Exact text from the filing

we are increasing our previous consolidated 2023 Adjusted EBITDA guidance range of $47 to $55 million to $52 to $57 million

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Source: SEC EDGAR

accession 0001213900-23-083651

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