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Operation & Maintenance and Other cost of operations in the fourth quarter was $449 million, down 7.2% from $484 the year-ago quarter.
Adjusted EBITDA in the fourth quarter was $497 million compared with $471 million in the year-ago period.
Thanks to Transformation Plan, at the end of fourth-quarter 2017, the company reduced costs by $150 million or 231% of its 2017 cost savings target.
To date, the company has announced or closed asset sales of nearly $3 billion, which is close to its Transformation Plan target of $3.2 billion.
Financial Highlights
As of Dec 31, 2017 NRG Energy had cash and cash equivalents of $991 million compared with $938 million as of Dec 31, 2016.
As of Dec 31, 2017 the company’s long-term debt and capital leases (excluding current portion) were $15,716 million compared with $15,957 million as of Dec 31, 2016.
The company’s net cash provided in operating activities in the 2017 was $1,387 million compared with $2,088 million in the prior-year period.
Capital expenditure in 2017 was $1,111 million, up 13.8% from $976 million in 2016.
The NRG board of directors has authorized $1 billion for share repurchases, with the first $500 million program to begin immediately. The remaining buyback of $500 million will be completed once the company completes its announced asset sales.
Guidance
NRG Energy reaffirmed 2018 adjusted EBITDA guidance in the range of $2,800-$3,000 million and free cash flow before growth investments in a range of $1,550-$1,750 million.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.25 per share, lagging the Zacks Consensus Estimate of $1.31 by 4.6%.
Dominion Energy (D - Free Report) reported fourth-quarter 2017 operating earnings of 91 cents per share, beating the Zacks Consensus Estimate of 88 cents by 3.4%.
FirstEnergy Corp. (FE - Free Report) reported fourth-quarter 2017 operating earnings of 71 cents per share, beating the Zacks Consensus Estimate of 69 cents by 2.9%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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NRG Energy (NRG) Q4 Sales Beat Estimates, 2017 Loss Widens
NRG Energy, Inc. (NRG - Free Report) reported loss of $4.30 per share in the fourth quarter of 2017, much wider than the year-ago loss of $2.51.
Revenues
NRG Energy posted revenues of $2,458 million in the quarter, beating the Zacks Consensus Estimate of $2,234 million by 10%.
NRG Energy, Inc. Price, Consensus and EPS Surprise
NRG Energy, Inc. Price, Consensus and EPS Surprise | NRG Energy, Inc. Quote
Highlights of the Release
Operation & Maintenance and Other cost of operations in the fourth quarter was $449 million, down 7.2% from $484 the year-ago quarter.
Adjusted EBITDA in the fourth quarter was $497 million compared with $471 million in the year-ago period.
Thanks to Transformation Plan, at the end of fourth-quarter 2017, the company reduced costs by $150 million or 231% of its 2017 cost savings target.
To date, the company has announced or closed asset sales of nearly $3 billion, which is close to its Transformation Plan target of $3.2 billion.
Financial Highlights
As of Dec 31, 2017 NRG Energy had cash and cash equivalents of $991 million compared with $938 million as of Dec 31, 2016.
As of Dec 31, 2017 the company’s long-term debt and capital leases (excluding current portion) were $15,716 million compared with $15,957 million as of Dec 31, 2016.
The company’s net cash provided in operating activities in the 2017 was $1,387 million compared with $2,088 million in the prior-year period.
Capital expenditure in 2017 was $1,111 million, up 13.8% from $976 million in 2016.
The NRG board of directors has authorized $1 billion for share repurchases, with the first $500 million program to begin immediately. The remaining buyback of $500 million will be completed once the company completes its announced asset sales.
Guidance
NRG Energy reaffirmed 2018 adjusted EBITDA guidance in the range of $2,800-$3,000 million and free cash flow before growth investments in a range of $1,550-$1,750 million.
Zacks Rank
NRG Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.25 per share, lagging the Zacks Consensus Estimate of $1.31 by 4.6%.
Dominion Energy (D - Free Report) reported fourth-quarter 2017 operating earnings of 91 cents per share, beating the Zacks Consensus Estimate of 88 cents by 3.4%.
FirstEnergy Corp. (FE - Free Report) reported fourth-quarter 2017 operating earnings of 71 cents per share, beating the Zacks Consensus Estimate of 69 cents by 2.9%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>