Welcome to our dedicated page for Genie Energy news (Ticker: GNE), a resource for investors and traders seeking the latest updates and insights on Genie Energy stock.
Genie Energy Ltd. reports news on its retail energy and renewable energy operations. The company operates through Genie Retail Energy, which resells electricity and natural gas to residential and commercial customers, and Genie Renewables, which includes solar generation, solar project activity and the Diversegy energy brokerage business.
Recurring updates cover quarterly financial and operating results, customer meter and RCE trends, wholesale power cost pressures, solar portfolio and development pipeline activity, dividends, share repurchases, annual meeting matters and business outlook commentary. Recent company communications also address financial statement restatements, delayed annual reporting and NYSE continued-listing compliance tied to SEC filing timing.
Genie Renewables, a division of Genie Energy, has acquired site rights for a 30 MW solar project in Pennsylvania, along with exclusivity for seven community solar projects totaling 34 MW in New York. The total solar capacity now stands at 64 MW across both states. The Pennsylvania project has already passed crucial early-stage milestones, such as securing a long-term site lease and completing preliminary designs, with commercialization expected in 2024. The company is leveraging incentives from the Inflation Reduction Act, aiming to enhance shareholder value.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will present at the Sidoti September Small-Cap Virtual Conference on September 21, from 8:30 to 9:00 AM ET. During the presentation, CFO Avi Goldin will discuss the company's strategy, outlook, and results. Virtual 1x1 meetings with management, including CEO Michael Stein, are available on September 21 and 22. Interested investors can contact Brian Siegel of Hayden IR for scheduling. More details can be found on the Genie Energy website.
Genie Energy, Ltd. (NYSE: GNE, GNE.PRA) reported strong second-quarter results for 2022, with net income rising to $33.9 million, or $1.30 EPS, compared to $5.0 million, or $0.19 EPS, in 2021. Gross profit surged by 218.2% to $67.5 million, with a gross margin of 89.9%. Despite a 1.8% revenue decline to $75.0 million, the company maintained solid profitability. Genie returned $8.8 million to shareholders through share repurchases and dividends. Additionally, it launched Sunlight Energy Investments to focus on solar projects, enhancing its energy strategy amid market volatility.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its financial and operational results for the second quarter of 2022 on August 8, 2022. The earnings release will be available at 7:30 AM Eastern on their website and through a wire service. Following this, a conference call will be held at 8:30 AM Eastern for management to discuss results and outlook. Participants can access the call via specific dial-in numbers. A replay will be available shortly after the call, lasting until August 22, 2022.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced that CFO Avi Goldin will present at the East Coast IDEAS Investor Conference on June 22-23, 2022. The presentation will begin at 6:00 AM ET on June 22 and will cover Genie Energy's strategy and outlook for 2022. Investors can access the presentation via the conference website or Genie Energy's investor relations page. Additionally, CEO Michael Stein and Goldin will hold virtual 1x1 investor meetings on June 23. For meeting inquiries, investors should contact Lacey Wesley.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) has revised its presentation time at the Sidoti May Virtual MicroCap Conference. CFO Avi Goldin will present on Thursday, May 12, 2022, at 10:45 a.m. ET. Additionally, Goldin and CEO Michael Stein will conduct one-on-one meetings with investors on May 11 and 12. Interested parties can register for the webcast and meetings through the Sidoti conference portal or by contacting Brian Siegel from Hayden IR.
Genie Energy is a leading provider of energy solutions, supplying electricity and natural gas to residential and commercial customers.
On May 9, 2022, Genie Energy reported a record gross profit of $45.5 million and a gross margin of 46.2% for Q1 2022. Despite a 8.3% revenue decline to $98.5 million, net income attributable to shareholders reached $17.5 million, with diluted EPS at $0.67. The company highlighted strong performance from its Genie Retail Energy division, generating significant cash flows and adjusted EBITDA of $25.7 million. Genie plans to use its solid cash position for future growth opportunities.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will present at the Sidoti May Virtual MicroCap Conference on May 11-12, 2022. Avi Goldin, CFO, will speak on May 11 at 10:45 a.m. ET. One-on-one meetings with investors will also be held during the conference. Genie Energy is a global energy services provider, focusing on electricity and natural gas supply, including renewable resources, primarily in the U.S. Their divisions also include Genie Solar Energy and Diversegy.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will release its financial and operational results for Q1 2022 on May 9, 2022, at 7:30 AM Eastern. The results will be disseminated via a wire service and available on the company's website. Following this, at 8:30 AM, management will host a conference call to discuss the results, business outlook, and strategy, allowing for a Q&A session. Participants can join the call by dialing specific numbers provided in the release. A replay of the call will be accessible until May 23, 2022.
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.