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NRG Energy (NRG) Q2 Earnings Lag Estimates, Revenues Fall Y/Y

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NRG Energy, Inc.’s (NRG - Free Report) second-quarter 2020 earnings of $1.27 per share from continuing operations missed the Zacks Consensus Estimate of $1.53 by 17%. Nevertheless, the bottom line improved 69.3% from the year-ago quarter’s figure.   

Revenues

NRG Energy’s quarterly revenues logged $2,238 million, down 9.2% from the year-ago quarter’s figure.

Highlights of the Release

Second-quarter adjusted EBITDA was $574 million compared with $469 million in the year-ago quarter.

The company’s total operating costs and expenses in the quarter amounted to $1.75 billion, down 18.3% from $2.15 billion in the year-ago quarter.  The upside is owing to lower supply and operating costs.

Operating income was $484 million, up 51.25% from $320 million in the year-ago quarter. Interest expenses of $96 million were down 8.6% from $105 million in the prior-year quarter.

NRG Energy, Inc. Price, Consensus and EPS Surprise

NRG Energy, Inc. Price, Consensus and EPS Surprise

NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote

Financial Highlights

As of Jun 30, 2020, the company had cash and cash equivalents worth $418 million compared with $345 million as of Dec 31, 2019.

As of Jun 30, 2020, the company’s long-term debt amounted to $5,810 million compared with $5,803 million as of Dec 31, 2019.

The company’s net cash provided by operating activities in the first half of 2020 was $692 million compared with $425 million generated in the year-ago first half.

Capital expenditures in the first six months of 2020 were $116 million compared with $107 million in the comparable period last year.

Guidance

The company reaffirmed 2020 and 2021 adjusted EBITDA guidance in the range of $1,900-$2,100 million, respectively. It also anticipates free cash flow before growth investments in the band of $1,275-$1,475 million for both years.

Zacks Rank

NRG Energy has a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Utility Releases

FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.

NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, trumping the Zacks Consensus Estimate of $2.50 by 4.4%.

CMS Energy Corporation (CMS - Free Report) reported second-quarter 2020 adjusted earnings per share of 49 cents, which surpassed the Zacks Consensus Estimate of 45 cents by 8.9%.

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