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Genie Retail Energy Reports Meter Growth, "Strong" Gas Margins
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Genie Energy, Ltd. said that Genie Retail Energy (GRE) saw higher meter counts and "strong" natural gas margins in the first quarter of 2024
For GRE, first quarter income from operations decreased 13.4% to $14.2 million in 1Q24 from $16.4 million a year ago, and Adjusted EBITDA decreased 13.1% to $14.6 million from $16.8 million a year ago.
GRE gross margin for the first quarter of 2024 was 28.6%, versus 32.1% a year ago
GRE's first quarter revenue increased 10.9% to $112.5 million from $101.4 million a year ago. Meter growth and higher per meter electricity consumption drove the increase, partially offset by lower electricity and natural gas prices, Genie said
GRE meters served were 365,000 as of the first quarter of 2024, versus 361,000 as of 4Q23 and 349,000 a year ago
GRE gross meter adds during the first quarter of 2024 were 70,000, versus 52,000 in 4Q23 and 129,000 a year ago
GRE churn was 5.5% for 1Q24, versus 5.4% for 4Q23 and 4.4% a year ago. The churn data excludes the impacts of expirations of aggregation deals
GRE RCEs were 348,000 as of 1Q24, versus 350,000 as of 4Q23 and 352,000 a year ago
On a consolidated basis, Genie Energy, Ltd. reported gross profit of $33.8 million, which it said was a record for the first quarter.
Genie Energy, Ltd. consolidated Adjusted EBITDA was $11.7 million for the first quarter of 2024, versus $12.4 million a year ago
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May 8, 2024
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Copyright 2010-24 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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