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The board of directors of Genie Energy Ltd (NYSE: GNE, GNEPRA) has declared a cash dividend of $0.2442 per share of the Series 2012-A Preferred Stock for Q1 2022. This includes a Base Dividend of $0.1594 and an Additional Dividend of $0.0848, related to the company's REP business performance through December 31, 2021. The dividend payment will occur on or about May 16, 2022, to shareholders of record as of May 6, 2022. The distribution is classified as an ordinary dividend for tax purposes.
Genie Energy, Ltd. (NYSE: GNE, GNEPRA) announced its fourth quarter and full-year results for 2021, reporting a 5.3% revenue increase to $84.7 million and a significant gross profit surge of 53% to $29.6 million. The company achieved a gross margin expansion of 900 basis points in its U.S. retail segment, driven by strategic risk management. Notably, international revenue grew by 63%, and the renewables segment saw a 26% rise in gross profit. The company reinstated its quarterly dividend, yielding approximately 5%. Overall, 2021 was a successful year with a strong balance sheet and positive outlook for 2022.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its financial and operational results for the fourth quarter and full-year 2021 on March 10, 2022, at 7:30 AM Eastern.
The earnings release will be available on their website and filed with the SEC. A conference call will follow at 8:30 AM, where management will discuss results and future strategies. Participation can be done via phone using specific access codes. A replay will be available until March 17, 2022.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced a cash dividend of $0.075 per share for the fourth quarter of 2021, set to be paid on March 1, 2022, to stockholders of record by February 22, 2022. This marks the resumption of their regular dividend after a one-year suspension due to financial impacts from Winter Storm Uri. Additionally, the company plans to gradually repurchase its Series 2012-A Preferred Stock, authorizing up to $1.0 million per quarter. These steps highlight Genie Energy's solid operational results and strengthened balance sheet.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced a 20% increase in its customer base through its renewable electricity supply subsidiary, Lumo Energia Oyj. This expansion follows Lumo's acquisition of meters from the defunct Finnish energy provider, Energia 247, adding approximately 11,000 new customers. Lumo will provide electricity sourced entirely from renewable resources. CEO Michael Stein stated Lumo is well-positioned amid market volatility and consolidation in the retail supply industry.
Genie Energy (GNE, GNE.PRA) reported strong Q3 2021 results with revenue up 17.5% to $113.2 million and gross profit soaring by 55.1% to $42.4 million. Adjusted EBITDA increased 58.5% to $15.0 million, driven by robust demand in U.S. and Scandinavian markets. However, the company faced a net loss of $2.7 million and a diluted loss per share of $0.10, primarily due to a $16.4 million loss from its exit from the U.K. market, which it anticipates will not incur further negative cash impacts. Genie’s strategic focus on high-margin customers is expected to enhance future profitability.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will announce its third quarter 2021 financial and operational results on November 4, 2021, at 7:30 AM Eastern. The results will be posted on the company’s website and issued via a wire service. Following this, a conference call will take place at 8:30 AM, with management discussing the results and outlook. Investors can join the call by dialing specific numbers provided in the release. A replay of the call will be available until November 18, 2021.
Genie Energy Ltd (NYSE: GNE, GNE.PRA) has announced the suspension of its planned public offering and spin-off of its European retail energy supply business, Oriel Energy, due to extreme volatility in the UK's energy markets. CEO Michael Stein noted that this unpredictability has impacted independent suppliers like their UK subsidiary, Orbit Energy, which serves around 119,000 meters. The company plans to exit the UK market while focusing on expanding in Scandinavia and the US, anticipating a positive impact on its bottom line as it halts new meter acquisitions in the UK.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced its participation in the Sidoti Fall Virtual Investor Conference on September 23, 2021, where CFO Avi Goldin will present at 10:45 a.m. Eastern time. CEO Michael Stein and Mr. Goldin will also hold one-on-one investor meetings on September 22 and 23. The company is preparing to spin-off its European retail energy supply business, Oriel Energy, with an SEC Form S-1 filed earlier today. The presentation will be accessible live through the Genie Energy Investor Relations website.
Diversegy, a division of Genie Energy (NYSE: GNE; GNEPRA), is set to launch a comprehensive energy sales platform on October 5, 2021. This platform aims to support sales partners in providing low-cost energy solutions to commercial customers. It will offer access to pricing from over 60 energy suppliers and enable real-time pricing and custom quotes. CEO Michael Stein emphasized the platform's potential to leverage the company's extensive market expertise, while the Executive Vice President, Tzvi Zupnik, highlighted its user-friendly features for agents and partners.
