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.
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%.
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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.
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%.
Where Will Stocks Go…
If Biden Wins? If Trump Wins?
The answers may surprise you.
Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!
Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…
1. Medical manufacturer has gained +11,000% in the last 15 years.
2. Rental company is absolutely crushing its sector.
3. Energy powerhouse plans to grow its already large dividend by 25%.
4. Aerospace and defense standout just landed a potentially $80 billion contract.
5. Giant Chipmaker is building huge plants in the U.S.
Hurry, Download Special Report FREE >>
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