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NRG Energy (NRG) Q1 Earnings Beat Estimates, Sales Decline Y/Y
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NRG Energy, Inc. (NRG - Free Report) reported first-quarter 2024 earnings of 80 cents per share, which beat the Zacks Consensus Estimate of 51 cents by 56.9%. However, the bottom line declined 7% from the year-ago quarter’s figure of 86 cents.
Revenues
Total revenues came in at $7.43 billion, down 3.8% from the prior-year quarter’s reported level of $7.72 billion.
NRG Energy, Inc. Price, Consensus and EPS Surprise
The company recorded adjusted EBITDA of $849 million, up 31.4% from $646 million recorded a year ago.
Operating costs and expenses totaled $6.6 billion, down 30.8% from $9.5 billion in the year-ago quarter.
Operating income for the quarter totaled $0.87 billion against a loss of $1.54 billion in the year-ago period.
The company concluded the previously announced $950 million accelerated share repurchase program in the first quarter, with nearly 19 million shares repurchased at an average price of $50.43 per share.
Financial Highlights
As of Mar 31, 2024, NRG had cash and cash equivalents worth $278 million compared with $541 million as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt and finance leases amounted to $9.56 billion compared with $10.13 billion as of Dec 31, 2023.
Cash provided by operating activities in the first three months of 2024 totaled $0.27 billion against $1.6 billion cash used in the year-ago period.
Capital expenditures totaled $69 million in the first three months of 2024 compared with $142 million in the year-ago quarter.
Guidance
NRG Energy reaffirmed its 2024 guidance of $3.3-$3.55 billion for Adjusted EBITDA and $1.83-$2.1 billion for Free Cash Flow before Growth.
The company reaffirmed its 2024 capital allocation commitment of $825 million in additional share repurchases.
NextEra Energy, Inc.’s (NEE - Free Report) first-quarter earnings of $0.91 per share beat the Zacks Consensus Estimate of $0.80.
The company’s long-term (three to five-year) earnings growth rate is 8%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.40 per share, implying a year-over-year improvement of 7.3%.
AVANGRID, Inc. (AGR - Free Report) reported first-quarter earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pinned at $2.23 per share, implying a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported first-quarter earnings of 15 cents per share, which beat the Zacks Consensus Estimate of a loss of 2 cents by 850%.
PNW’s long-term earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.76 per share, implying a year-over-year improvement of 7.9%.
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NRG Energy (NRG) Q1 Earnings Beat Estimates, Sales Decline Y/Y
NRG Energy, Inc. (NRG - Free Report) reported first-quarter 2024 earnings of 80 cents per share, which beat the Zacks Consensus Estimate of 51 cents by 56.9%. However, the bottom line declined 7% from the year-ago quarter’s figure of 86 cents.
Revenues
Total revenues came in at $7.43 billion, down 3.8% from the prior-year quarter’s reported level of $7.72 billion.
NRG Energy, Inc. Price, Consensus and EPS Surprise
NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote
Highlights of the Release
The company recorded adjusted EBITDA of $849 million, up 31.4% from $646 million recorded a year ago.
Operating costs and expenses totaled $6.6 billion, down 30.8% from $9.5 billion in the year-ago quarter.
Operating income for the quarter totaled $0.87 billion against a loss of $1.54 billion in the year-ago period.
The company concluded the previously announced $950 million accelerated share repurchase program in the first quarter, with nearly 19 million shares repurchased at an average price of $50.43 per share.
Financial Highlights
As of Mar 31, 2024, NRG had cash and cash equivalents worth $278 million compared with $541 million as of Dec 31, 2023.
As of Mar 31, 2024, long-term debt and finance leases amounted to $9.56 billion compared with $10.13 billion as of Dec 31, 2023.
Cash provided by operating activities in the first three months of 2024 totaled $0.27 billion against $1.6 billion cash used in the year-ago period.
Capital expenditures totaled $69 million in the first three months of 2024 compared with $142 million in the year-ago quarter.
Guidance
NRG Energy reaffirmed its 2024 guidance of $3.3-$3.55 billion for Adjusted EBITDA and $1.83-$2.1 billion for Free Cash Flow before Growth.
The company reaffirmed its 2024 capital allocation commitment of $825 million in additional share repurchases.
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 - Free Report) first-quarter earnings of $0.91 per share beat the Zacks Consensus Estimate of $0.80.
The company’s long-term (three to five-year) earnings growth rate is 8%. The Zacks Consensus Estimate for 2024 earnings is pinned at $3.40 per share, implying a year-over-year improvement of 7.3%.
AVANGRID, Inc. (AGR - Free Report) reported first-quarter earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pinned at $2.23 per share, implying a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported first-quarter earnings of 15 cents per share, which beat the Zacks Consensus Estimate of a loss of 2 cents by 850%.
PNW’s long-term earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.76 per share, implying a year-over-year improvement of 7.9%.