Just Energy Reports Q4 and Fiscal 2013 Results; Shares Up 6% in Early Trade

By MidnightTrader.com Staff,

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Just Energy Group, Inc. (JE.TO), a competitive retailer of natural gas and electricity, today announced results for its fiscal 2013 fourth quarter and year end.

Fourth Quarter Highlights

Gross margin was $157.7 million, down 8% from a year earlier.

Base EBITDA from continuing operations (after all selling and marketing costs) decreased 7% to $69.6 million for the fourth quarter of fiscal 2013, down from $74.7 million in the prior comparable quarter. This was primarily a result of lower gross margin from energy marketing due to lower cash receipts from weather option derivatives and lower gross margin per commercial customer. Adjusted EBITDA from continuing operations was $87.5 million for fourth quarter of fiscal 2013, an 18% decrease from $107.1 million in the prior comparable quarter. Despite lower quarterly EBITDA, strong net customer additions led to a 3% increase in embedded gross margin over the quarter.

Sales increased by 11% quarter over quarter to $877.5 million from $794.0 million. Quarterly sales from energy marketing and home services divisions increased by 10% and 78%, respectively, versus the prior comparable quarter.

Fiscal 2013 Highlights:

Record energy customer additions of 1,355,000, increased 24% year over year

Strong National Home Services growth with installed base of 235,000, increased 42% year over year

Customer base growth to 4.46 million, increased 10% year over year

Gross Margin of $525.9 million, increased 5% year over year

Embedded Gross Margin of $2.27 billion ($15.77 per share), increased 15% year over year

Base EBITDA from continuing operations of $163.1 million, decreased 16% year over year

Earnings per Share on continuing operations (basic) of $4.30 increased from a loss of $0.93 last year

Shares are up 37 cents to $6.63.

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This article appears in: Investing Commodities
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