NRG Energy, Inc. NRG reported third-quarter 2024 earnings of $1.85 per share, which missed the Zacks Consensus Estimate of $2.05 by 9.8%. However, the bottom line increased 14.2% from the year-ago quarter’s figure of $1.62.
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Revenues of NRG Energy
Total revenues were $7.22 billion, which beat the Zacks Consensus Estimate of $2.98 billion by 142.1%. However, the top line declined 9.2% from the prior-year quarter’s level of $7.95 billion.
NRG Energy, Inc. Price, Consensus and EPS Surprise
NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote
Highlights of NRG’s Earnings Release
The company recorded adjusted EBITDA of $1.06 billion, up 7% from $0.99 billion recorded a year ago.
Operating costs and expenses amounted to $8.24 billion, up 11.5% from $7.39 billion in the year-ago quarter.
Operating loss totaled $812 million against income of $561 million in the year-ago period.
Through the third quarter of 2024, the company continued to repurchase shares in the open market, with $544 million completed as of Oct. 31, 2024. The company expects to complete the entire $925 million of 2024 repurchases by the end of the fourth quarter.
NRG’s Financial Highlights
As of Sept. 30, 2024, NRG had cash and cash equivalents worth $1.1 billion compared with $0.54 billion as of Dec. 31, 2023.
As of Sept. 30, 2024, long-term debt and finance leases amounted to $10.42 billion compared with $10.13 billion as of Dec. 31, 2023.
Cash provided by operating activities in the first nine months of 2024 totaled $1.35 billion against $0.46 billion cash used in the year-ago period.
Capital expenditures totaled $286 million in the first nine months of 2024 compared with $493 million in the year-ago period.
NRG’s Guidance
NRG Energy expects 2024 adjusted net income and adjusted EPS to be in the range of $1.235-$1.385 billion and $5.95-$6.75, respectively.
With the recasting of the amortization of capitalized customer acquisition costs, the 2024 adjusted EBITDA is now anticipated to be in the band of $3.655-$3.805 billion, up $130 million from that predicted earlier.
Free Cash Flow before Growth (FCFbG) is projected to be in the range of $1.975-$2.125 billion.
The company anticipates 2025 adjusted EBITDA and FCFbG to be in the range of $3.725-$3.975 billion and $1.975-$2.225 billion, respectively.
NRG’s Zacks Rank
The company has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy, Inc.’s NEE reported third-quarter 2024 adjusted earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 98 cents by 5.1%.
The company’s long-term (three to five years) earnings growth rate is 8.12%. The Zacks Consensus Estimate for 2024 earnings is pegged at $3.41 per share, which implies a year-over-year improvement of 7.6%.
Avangrid, Inc. AGR reported third-quarter 2024 earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 66.7%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.34 per share, which calls for a year-over-year improvement of 12%.
Pinnacle West Capital Corporation PNW reported third-quarter 2024 earnings of $3.37 per share, which beat the Zacks Consensus Estimate of $3.35 by 0.6%.
PNW’s long-term earnings growth rate is 8.22%. The company delivered an average earnings surprise of 246.2% in the trailing four quarters.
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