Q2 2024 Genie Energy Ltd Earnings Call Transcript
Key Points
- Genie Energy Ltd (GNE) increased its cash, cash equivalents, and restricted cash balance to $178 million while maintaining regular quarterly dividends and repurchasing approximately 170,000 shares.
- Diversegy, a segment of Genie Energy Ltd (GNE), experienced over 50% revenue growth, marking its 11th consecutive quarter of revenue increase and 5th consecutive quarter of record gross profit.
- Genie Solar recognized its first full quarter of revenue from operating solar farms, indicating progress in its solar business.
- The company remains on track to deliver $40 million to $50 million in consolidated adjusted EBITDA for 2024, a significant increase from previous years.
- Genie Energy Ltd (GNE) continues to make progress on solar projects, with two New York state projects moving into the permitting stage, supporting long-term value creation.
- Consolidated revenue for the quarter decreased by 3% to $90.7 million, primarily due to a 3.4% dip in GRE's revenue.
- The gross margin at GRE decreased to 37.2% from 41.8% in the previous year, indicating a decline in profitability.
- Income from operations decreased to $10.6 million from $15 million in the previous year, driven by a reduction in gross profit.
- Genie Energy Ltd (GNE) recorded a non-cash expense of $640,000 related to a loss reserve by its captive insurance subsidiary, impacting GAAP income.
- Earnings per diluted share decreased to $0.36 from $0.57 a year earlier, reflecting a decline in overall profitability.
Good morning and welcome to Genie Energyâs second quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded. I will now turn the call over to Brian Siegel of Hayden IR. Sir, you may begin.
Thank you, operator. With me today are Michael Stein, Genie Energyâs CEO; and Avi Goldin, Genie Energyâs 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 filed periodically with the SEC.
Genie assumes no obligation to update any forward-looking statements that 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
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