Q1 2024 Genie Energy Ltd Earnings Call Transcript
Key Points
- Record first quarter revenue and gross profit reported, indicating strong financial performance.
- Customer base at GRE increased by about 5% year-over-year, showing growth in market reach.
- Significant increase in revenue from renewable segment, with Genie Solar and Diversegy driving an 87% increase in first quarter revenue year-over-year.
- Continued share repurchase program, with 250,000 shares bought back, demonstrating confidence in the company's valuation.
- Projected increase in company-wide consolidated adjusted EBITDA for 2024 to $40 million to $50 million, up from a pre-2022 normalized range of $25 million to $30 million.
- A decrease in GRE's gross margin by 350 basis points due to lower electricity margins, despite an increase in kilowatt hours sold.
- Consolidated adjusted EBITDA decreased to $11.7 million from $12.4 million in the year-ago quarter, reflecting a slight downturn.
- First quarter loss from operations in the renewables segment, although narrower than the previous year, still indicates challenges.
- Increase in SG&A expenses by 4.1% due to higher customer acquisition costs and fees for utility programs.
- Earnings per share decreased to $0.30 in the first quarter from $0.54 a year earlier, showing a reduction in profitability per share.
Good morning, and welcome to Genie Energy's first quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I will now turn the call over to Brian Siegal of Hayden IR.
Thank you, operator. With me today are Michael Stein, Genie Energy's CEO; and Avi Goldin, Genie Energy's CFO, who will discuss operational and financial results. Any forward-looking statements made during this conference call, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those statements. These [risks] and uncertainties include, but are not limited to, those discussed in the reports that we file periodically with the SEC. Genie assumes no obligation to update any forward-looking statements we have made or may make or to update the factors that may cause actual results to differ materially from those that we forecast.
During their remarks management makes reference to adjusted EBITDA. A non-GAAP measure. Management
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