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NRG Energy (NRG) Beats on Q3 Earnings, Ups '23 Guidance
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NRG Energy, Inc. (NRG - Free Report) reported third-quarter 2023 earnings of $1.62 per share, which beat the Zacks Consensus Estimate of $1.53 by 5.9%. The company reported earnings of 29 cents per share in the year-ago quarter.
Revenues
Total revenues came in at $7,946 million, which surpassed the Zacks Consensus Estimate of $5,435 million by 46.2%. The figure, however, declined 6.6% from $8,510 million recorded in the prior-year quarter.
NRG Energy, Inc. Price, Consensus and EPS Surprise
The company recorded adjusted EBITDA of $973 million, up 102.7% from the year-ago quarter’s figure of $480 million.
Total operating costs and expenses were $7,385 million, down 11.8% from $8,376 million in the year-ago quarter due to lower cost of operations.
Operating income totaled $561 million, up 259.6% from $156 million registered in the year-ago quarter.
Financial Highlights
As of Sep 30, 2023, NRG had cash and cash equivalents worth $401 million compared with $430 million as of Dec 31, 2022.
As of Sep 30, 2023, long-term debt and finance leases amounted to $10,741 million compared with $7,976 million as of Dec 31, 2022.
Cash used by operating activities in the first nine months of 2023 totaled $462 million against $1,758 million cash provided in the year-ago period.
Capital expenditures totaled $493 million in the first nine months of 2023 compared with $250 million in the corresponding quarter of 2022.
Guidance
NRG Energy raised its 2023 adjusted EBITDA guidance to $3,150-$3,300 million from the previously projected range of $3,010-$3,250 million. The company expects 2024 adjusted EBITDA in the band of $3,300-$3,550 million.
The company also raised its guidance for cash provided by operating activities to $1,750-$1,900 million for 2023 from the previously guided range of $1,610-$1,850 million. It expects the same for 2024 to be in the band of $1,825-$2,075 million.
NRG raised its guidance for free cash flow before growth investment to the range of $1,725-$1,875 million for 2023 from the previously projected band of $1,620-$1,860 million. It expects the same for 2024 to be in the range of $1,825-$2,075 million.
Dominion Energy (D - Free Report) is slated to report third-quarter results on Nov 3, before market open. The Zacks Consensus Estimate for earnings is pegged at 78 cents per share.
D’s long-term (three to five years) earnings growth rate is 4%. It delivered an average earnings surprise of 4.3% in the last four quarters.
TransAlta (TAC - Free Report) is scheduled to report third-quarter results on Nov 7, before market open. The Zacks Consensus Estimate for earnings is pinned at 32 cents per share.
The consensus mark for 2023 EPS is pinned at $1.44, implying a year-over-year improvement of 1,900%. It delivered an average earnings surprise of 107.1% in the last four quarters.
Ameren Corporation (AEE - Free Report) is slated to report third-quarter results on Nov 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.80 per share, indicating a year-over-year increase of 3.5%.
AEE’s long-term earnings growth rate is 6.61%. It delivered an average earnings surprise of 8.9% in the last four quarters.
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NRG Energy (NRG) Beats on Q3 Earnings, Ups '23 Guidance
NRG Energy, Inc. (NRG - Free Report) reported third-quarter 2023 earnings of $1.62 per share, which beat the Zacks Consensus Estimate of $1.53 by 5.9%. The company reported earnings of 29 cents per share in the year-ago quarter.
Revenues
Total revenues came in at $7,946 million, which surpassed the Zacks Consensus Estimate of $5,435 million by 46.2%. The figure, however, declined 6.6% from $8,510 million recorded in the prior-year quarter.
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 $973 million, up 102.7% from the year-ago quarter’s figure of $480 million.
Total operating costs and expenses were $7,385 million, down 11.8% from $8,376 million in the year-ago quarter due to lower cost of operations.
Operating income totaled $561 million, up 259.6% from $156 million registered in the year-ago quarter.
Financial Highlights
As of Sep 30, 2023, NRG had cash and cash equivalents worth $401 million compared with $430 million as of Dec 31, 2022.
As of Sep 30, 2023, long-term debt and finance leases amounted to $10,741 million compared with $7,976 million as of Dec 31, 2022.
Cash used by operating activities in the first nine months of 2023 totaled $462 million against $1,758 million cash provided in the year-ago period.
Capital expenditures totaled $493 million in the first nine months of 2023 compared with $250 million in the corresponding quarter of 2022.
Guidance
NRG Energy raised its 2023 adjusted EBITDA guidance to $3,150-$3,300 million from the previously projected range of $3,010-$3,250 million. The company expects 2024 adjusted EBITDA in the band of $3,300-$3,550 million.
The company also raised its guidance for cash provided by operating activities to $1,750-$1,900 million for 2023 from the previously guided range of $1,610-$1,850 million. It expects the same for 2024 to be in the band of $1,825-$2,075 million.
NRG raised its guidance for free cash flow before growth investment to the range of $1,725-$1,875 million for 2023 from the previously projected band of $1,620-$1,860 million. It expects the same for 2024 to be in the range of $1,825-$2,075 million.
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.
Upcoming Releases
Dominion Energy (D - Free Report) is slated to report third-quarter results on Nov 3, before market open. The Zacks Consensus Estimate for earnings is pegged at 78 cents per share.
D’s long-term (three to five years) earnings growth rate is 4%. It delivered an average earnings surprise of 4.3% in the last four quarters.
TransAlta (TAC - Free Report) is scheduled to report third-quarter results on Nov 7, before market open. The Zacks Consensus Estimate for earnings is pinned at 32 cents per share.
The consensus mark for 2023 EPS is pinned at $1.44, implying a year-over-year improvement of 1,900%. It delivered an average earnings surprise of 107.1% in the last four quarters.
Ameren Corporation (AEE - Free Report) is slated to report third-quarter results on Nov 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.80 per share, indicating a year-over-year increase of 3.5%.
AEE’s long-term earnings growth rate is 6.61%. It delivered an average earnings surprise of 8.9% in the last four quarters.