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NRG Energy (NRG) Q3 Earnings Miss Estimates, Revenues Beat
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NRG Energy, Inc. (NRG - Free Report) posts adjusted net income of 29 cents per share in third-quarter 2022, missing the Zacks Consensus Estimate of 64 cents by 54.7%.
Revenues
NRG Energy’s third-quarter 2022 revenues came in at $8,510 million, up 28.8% year over year. Total revenues also beat the Zacks Consensus Estimate of $5,900 million by 44.2%.
NRG Energy, Inc. Price, Consensus and EPS Surprise
Third-quarter adjusted EBITDA was $452 million, down 41.1% from $656 million in the year-ago quarter.
The company’s total operating costs and expenses in the third quarter of 2022 amounted to $8.4 billion, up 95.2% from $4.3 billion in the year-ago quarter.
Interest expenses of $105 million fell 13.9% from the prior-year quarter’s $122 million.
NRG Energy is executing a $1-billion share repurchase program, and shares worth $397 million are remaining to be completed by the end of 2022. NRG Energy’s Board of Directors approved a $600-million incremental share repurchases program to be completed in 2023.
NRG Energy’s board of directors approved an 8% increase in its annual dividend to $1.51 per share beginning in the first quarter of 2023.
Financial Highlights
As of Sep 30, 2022, NRG Energy had cash and cash equivalents worth $333 million compared with $250 million on Dec 31, 2021.
As of Sep 30, 2022, NRG’s long-term debt and finance leases amounted to $7,974 million compared with $7,966 million on Dec 31, 2021.
Cash provided by operating activities for the first nine months of 2022 was $1,758 million compared with $1,855 million in the year-ago period.
Capital expenditures for the first nine months of 2022 were $250 million compared with $219 million in the year-ago period.
Guidance
NRG Energy lowered its 2022 adjusted EBITDA in the range of $1,950-$2,050 million from the previous range of 1,950-$2,250 million. NRG lowered its 2022 free cash flow before growth investments in the band of $950-$1,050 million from the prior range of $1,140-$1,440 million.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Dominion Energy Inc. (D - Free Report) has reported third-quarter 2022 operating earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 2.8%.
The Zacks Consensus Estimate for D’s fourth-quarter earnings per share is $1.08, indicating growth of 20% from the year-ago quarter’s reported figure.
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NRG Energy (NRG) Q3 Earnings Miss Estimates, Revenues Beat
NRG Energy, Inc. (NRG - Free Report) posts adjusted net income of 29 cents per share in third-quarter 2022, missing the Zacks Consensus Estimate of 64 cents by 54.7%.
Revenues
NRG Energy’s third-quarter 2022 revenues came in at $8,510 million, up 28.8% year over year. Total revenues also beat the Zacks Consensus Estimate of $5,900 million by 44.2%.
NRG Energy, Inc. Price, Consensus and EPS Surprise
NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote
Highlights of the Release
Third-quarter adjusted EBITDA was $452 million, down 41.1% from $656 million in the year-ago quarter.
The company’s total operating costs and expenses in the third quarter of 2022 amounted to $8.4 billion, up 95.2% from $4.3 billion in the year-ago quarter.
Interest expenses of $105 million fell 13.9% from the prior-year quarter’s $122 million.
NRG Energy is executing a $1-billion share repurchase program, and shares worth $397 million are remaining to be completed by the end of 2022. NRG Energy’s Board of Directors approved a $600-million incremental share repurchases program to be completed in 2023.
NRG Energy’s board of directors approved an 8% increase in its annual dividend to $1.51 per share beginning in the first quarter of 2023.
Financial Highlights
As of Sep 30, 2022, NRG Energy had cash and cash equivalents worth $333 million compared with $250 million on Dec 31, 2021.
As of Sep 30, 2022, NRG’s long-term debt and finance leases amounted to $7,974 million compared with $7,966 million on Dec 31, 2021.
Cash provided by operating activities for the first nine months of 2022 was $1,758 million compared with $1,855 million in the year-ago period.
Capital expenditures for the first nine months of 2022 were $250 million compared with $219 million in the year-ago period.
Guidance
NRG Energy lowered its 2022 adjusted EBITDA in the range of $1,950-$2,050 million from the previous range of 1,950-$2,250 million. NRG lowered its 2022 free cash flow before growth investments in the band of $950-$1,050 million from the prior range of $1,140-$1,440 million.
Zacks Rank
NRG Energy has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Dominion Energy Inc. (D - Free Report) has reported third-quarter 2022 operating earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 2.8%.
The Zacks Consensus Estimate for D’s fourth-quarter earnings per share is $1.08, indicating growth of 20% from the year-ago quarter’s reported figure.