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Retail Supplier Acquires Book Of Customers
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Via Renewables, Inc. ("Via Renewables" or the "Company") announced that, in the second quarter, it entered into an agreement to acquire approximately 12,500 RCEs in its existing markets
Via Renewables did not in a first quarter earnings announcement disclose the retail supplier from which the RCEs are being acquired
"These adds will be accretive to our bottom line beginning in the second quarter of this year. While we are excited about the continued success of our organic sales channels, we always welcome the opportunity to add valued customers through tuck-in acquisitions," said Keith Maxwell, Via Renewables’ President and Chief Executive Officer.
Via reported that its total RCE count was 338,000 as of March 31, 2024, up from 335,000 as of December 31, 2023
Via added a gross of approximately 41,000 RCEs in the first quarter and had an average monthly attrition of 3.9%
"In the first quarter commodity prices remained relatively stable and we experienced milder than normal weather. We ended the quarter with 338k RCEs, up from 335k at the end of 2023 despite higher attrition. Elevated attrition was expected because it is a side effect of increased sales activity," said Maxwell
For the quarter ended March 31, 2024, Via Renewables reported Adjusted EBITDA of $15.1 million compared to Adjusted EBITDA of $18.8 million for the quarter ended March 31, 2023. The decrease was primarily driven by lower Electric and Natural Gas Retail Gross Margin, partially offset by an increase in G&A and CAC spend compared to the first quarter of 2023, Via said
For the quarter ended March 31, 2024, Via Renewables reported Gross Profit of $45.1 million compared to Gross Profit of $14.4 million for the quarter ended March 31, 2023. The increase, compared to the prior year, was primarily the result of a gain in the mark-to-market of hedges.
For the quarter ended March 31, 2024, Via Renewables reported Retail Gross Margin of $35.7 million compared to Retail Gross Margin of $40.3 million for the quarter ended March 31, 2023. Lower volumes and unit margins resulted in a decrease in Natural Gas Retail Gross Margin, Via said. Lower unit margins partially offset by higher volumes resulted in a decrease in Electric Retail Gross Margin, Via said
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May 1, 2024
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Copyright 2010-24 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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