Q3 2024 Genie Energy Ltd Earnings Call Transcript
Key Points
- Genie Energy Ltd (GNE) reported strong third-quarter results with $12 million in income from operations and $14 million in adjusted EBITDA.
- The company added approximately 36,000 net new meters in its retail energy business, contributing to a 3.5% increase in meters served compared to the previous year.
- Genie Energy Ltd (GNE) expanded its market presence by entering the California residential natural gas market, adding to its operations in 19 states and Washington DC.
- The company's renewable business, GREW, saw revenue double from the previous year, driven by its energy procurement advisory business and solar projects.
- Genie Energy Ltd (GNE) returned value to shareholders through dividends and repurchased approximately 123,000 shares for $2 million in the third quarter.
- Consolidated revenue for the third quarter decreased by 10.5% to $111.9 million, primarily due to a decline in GRE's revenue.
- The decrease in GRE's revenue was attributed to lower per meter consumption, driven by milder weather during the summer cooling season.
- Income from operations decreased by 34.7% to $11.7 million, and adjusted EBITDA decreased by 26.7% to $13.6 million.
- The company recorded a non-cash expense of $991,000 related to a loss reserve by its captive insurance subsidiary, impacting GAAP income.
- Genie Energy Ltd (GNE) experienced a decrease in kilowatt hours sold and increased customer acquisition costs at GRE, affecting financial performance.
Good morning and welcome to the Genie Energy Limited Third Quarter, 2024 Earnings Call in today's presentation.
Genie Energy Management will discuss Genie's financial and operational results for the three month period ended September 30 2024 during prepared remarks by Genie Energy's Chief Executive Officer, Michael Stein; and Chief Financial Officer Avi Goldin.
All participants will be in a listen-only mode. Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero after Avi Golden's remarks, Michael and Avi will take questions from investors.
Any forward-looking statements made during this conference call, either in prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that make all actual results to differ materially from those which the company anticipates.
These risks and uncertainties include but are not limited to specific risks and uncertainties discussed in the reports that genie energy files periodically with the SEC GD Energy assumes no
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