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NRG Energy (NRG) Q2 Earnings Beat Estimates, Sales Rise Y/Y
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NRG Energy, Inc. (NRG - Free Report) reported second-quarter 2024 earnings of $1.48 per share, which beat the Zacks Consensus Estimate of $1.30 by 13.9%. The bottom line also increased 34.5% from the year-ago quarter’s figure of $1.10.
Revenues
Total revenues were $6.66 billion, which beat the Zacks Consensus Estimate of $4.48 billion by 48.6%. The top line improved 4.9% from the prior-year quarter’s level of $6.35 billion.
NRG Energy, Inc. Price, Consensus and EPS Surprise
The company recorded adjusted EBITDA of $935 million, up 14.2% from $819 million recorded a year ago.
Operating costs and expenses amounted to $5.3 billion, down 8.6% from $5.8 billion in the year-ago quarter.
Operating income totaled $1.4 billion compared with $0.53 billion in the year-ago period.
In the reported quarter, the company continued to repurchase shares in the open market as part of its $2.7-billion authorization, set to be executed through 2025. Through Jul 31, 2024, NRG completed $176 million of its $825-million share repurchase target for 2024.
Financial Highlights
As of Jun 30, 2024, NRG had cash and cash equivalents worth $376 million compared with $541 million as of Dec 31, 2023.
As of Jun 30, 2024, long-term debt and finance leases amounted to $10.43 billion compared with $10.13 billion as of Dec 31, 2023.
Cash provided by operating activities in the first six months of 2024 totaled $1.32 billion against $1.03 billion cash used in the year-ago period.
Capital expenditures totaled $172 million in the first six months of 2024 compared with $324 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.
Zacks Rank
The company has a Zacks Rank #4 (Sell) at present.
NextEra Energy, Inc.’s (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
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 $3.39 per share, which implies a year-over-year improvement of 6.9%.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported second-quarter 2024 earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.31 by 34.4%.
PNW’s long-term earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.75 per share, which suggests a year-over-year improvement of 7.7%.
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NRG Energy (NRG) Q2 Earnings Beat Estimates, Sales Rise Y/Y
NRG Energy, Inc. (NRG - Free Report) reported second-quarter 2024 earnings of $1.48 per share, which beat the Zacks Consensus Estimate of $1.30 by 13.9%. The bottom line also increased 34.5% from the year-ago quarter’s figure of $1.10.
Revenues
Total revenues were $6.66 billion, which beat the Zacks Consensus Estimate of $4.48 billion by 48.6%. The top line improved 4.9% from the prior-year quarter’s level of $6.35 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 $935 million, up 14.2% from $819 million recorded a year ago.
Operating costs and expenses amounted to $5.3 billion, down 8.6% from $5.8 billion in the year-ago quarter.
Operating income totaled $1.4 billion compared with $0.53 billion in the year-ago period.
In the reported quarter, the company continued to repurchase shares in the open market as part of its $2.7-billion authorization, set to be executed through 2025. Through Jul 31, 2024, NRG completed $176 million of its $825-million share repurchase target for 2024.
Financial Highlights
As of Jun 30, 2024, NRG had cash and cash equivalents worth $376 million compared with $541 million as of Dec 31, 2023.
As of Jun 30, 2024, long-term debt and finance leases amounted to $10.43 billion compared with $10.13 billion as of Dec 31, 2023.
Cash provided by operating activities in the first six months of 2024 totaled $1.32 billion against $1.03 billion cash used in the year-ago period.
Capital expenditures totaled $172 million in the first six months of 2024 compared with $324 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.
Zacks Rank
The company has a Zacks Rank #4 (Sell) 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) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
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 $3.39 per share, which implies a year-over-year improvement of 6.9%.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%.
AGR’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.23 per share, which calls for a year-over-year improvement of 6.7%.
Pinnacle West Capital Corporation (PNW - Free Report) reported second-quarter 2024 earnings of $1.76 per share, which beat the Zacks Consensus Estimate of $1.31 by 34.4%.
PNW’s long-term earnings growth rate is 8.22%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.75 per share, which suggests a year-over-year improvement of 7.7%.