Genie Energy, Ltd. (NYSE: GNE) has announced its third quarter 2024 results, revealing a mix of both positive and negative changes compared to the same period in 2023.
The company's total revenue decreased by 10.5% to $111.9 million from $125.0 million, with Genie Retail Energy's revenue falling by 12.1% to $105.8 million from $120.3 million in the third quarter of 2023.
Income from operations also saw a decline, decreasing to $11.7 million from $17.9 million, reflecting a 34.7% decrease in the company's operating margin.
Adjusted EBITDA decreased by 26.7% to $13.6 million from $18.5 million in the third quarter of 2023.
Net income attributable to Genie common stockholders and income per diluted share also experienced declines, reaching $10.2 million and $0.38 compared to $14.5 million and $0.53, respectively.
Non-GAAP net income attributable to Genie common stockholders and non-GAAP EPS also showed decreases, amounting to $10.9 million and $0.41 compared to $14.5 million and $0.53, respectively.
Despite these decreases, the company reported an increase in cash and cash equivalents, short and long-term restricted cash, and marketable equity securities, which rose to $191.7 million at September 30, 2024, from $178.3 million at June 30, 2024.
Genie also repurchased approximately 123,000 shares of its class B common stock for $2.0 million during the third quarter of 2024 and will pay a $0.075 per share quarterly dividend to class A and class B common stockholders on November 20, 2024.
Furthermore, the company's Genie Retail Energy business added 36,000 net new meters during the quarter, with electricity and gas margins remaining robust, while Genie Renewables saw its revenue increase by 29.2% to $6.1 million from $4.7 million in the third quarter of 2023.
Today the company's shares have moved 7.7% to a price of $16.88. For more information, read the company's full 8-K submission here.
