Genie Energy, Ltd. (NYSE: GNE) shares moved forward Wednesday. The company, a leading retail energy and renewable energy solutions provider, today announced results for the third quarter of 2024.
CEO Michael Stein commented: "Our third quarter featured strong operational and financial results consistent with our performance in recent quarters. We are on track to deliver the high end of our full year Adjusted EBITDA guidance of $40 to $50 million.
"At GRE, our retail energy business, we added 36,000 net new meters during the quarter driven by organic sales activity and a large aggregation deal. Electricity and gas margins remained robust, while slightly milder summer weather contributed to a reduction in per-meter electricity consumption.”
Revenue decreased 10.5% to $111.9 million from $125.0 million; Gross profit decreased 7.7% to $37.9 million from $41.1 million. Gross margin increased to 33.9% from 32.9%.
Income from operations decreased to $11.7 million from $17.9 million. Adjusted EBITDA decreased to $13.6 million from $18.5 million.
Net income attributable to Genie common stockholders and income per diluted share EPS attributable to Genie common stockholders of $10.2 million and $0.38 compared to $14.5 million and $0.53, respectively.
As of September 30, 2024, Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of $191.7 million.
GNE shares tallied $1.14, or 7.2%, to $16.80.
