Genie Energy Ltd Stock Price, News & Analysis

Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will announce its financial results for Q4 and full year 2020 on March 11, 2021, via a press release at 7:30 AM Eastern Time. A conference call will follow at 8:30 AM for management to discuss the results and future strategy. Interested parties can join by dialing 1-888-348-6472 (US) or 1-412-902-4240 (international). A replay will be available until March 18, 2021. Genie Energy provides energy services across the US, Europe, and Asia.

Genie Energy (NYSE: GNE, GNE.PRA) reported it continues to provide stable electricity rates to 10,000 customers in Texas, despite last week’s severe price volatility in the electricity market. CEO Michael Stein highlighted the company's effective risk management strategy that mitigated financial impacts. While real-time costs surged over 100 times the rates charged, the company upheld its fixed-rate agreements. Genie Energy estimates that the financial impact from the weather event will be modest for Q1 2021. A full assessment will be provided in the upcoming quarterly results.

Genie Solar Energy has successfully completed a 57.5 kW rooftop solar installation for Kraft Power at its Pompton Plains, NJ facility. This project will allow Kraft to offset up to 100% of its electricity consumption, equivalent to the CO2 emissions of burning over 447,960 pounds of coal. The installation utilizes American-made solar panels and is expected to significantly reduce electricity costs. Genie Energy Ltd. aims to maximize the return on investment through tailored energy solutions, ensuring economic efficiency and sustainability for clients.

Genie Energy has formed a joint venture with Community Power Partners (CPP) to launch CPP Genie Community Solar, LLC, aimed at enhancing community solar services in New York. This collaboration will provide customer aggregation and management for solar power producers participating in consolidated billing programs. Since its founding in 2018, CPP has enrolled over 70 MW in community solar, with significant growth in 2020. The partnership plans to initially serve National Grid's territory, leveraging their combined expertise in energy marketing and customer acquisition.

Genie Energy Ltd. (NYSE: GNE, GNE.PRA) reported strong 3Q20 results with earnings of $0.24 per share on revenues of $96.3 million, a 12.4% increase year-over-year. Global customer base grew to 442,000 RCEs, a 15% rise, marking the highest level in its history. Gross profit rose 3.7% to $27.3 million, while operating income surged 22.2% to $8.5 million. Additionally, Genie acquired its partner's interest in a U.K. venture for $1.7 million. The company maintains a solid cash position with $49.2 million in cash at quarter-end, up from $41.8 million.

Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its third quarter 2020 financial results on November 6, 2020. The earnings release will be available at 7:30 AM Eastern and will be posted on their website. A conference call hosted by management will follow at 8:30 AM Eastern, discussing results and future strategies. Participants can join by dialing the provided numbers. A replay will be available until November 13, 2020. Genie Energy provides energy solutions including electricity and natural gas to multiple regions.

Genie Energy Ltd. (NYSE: GNE, GNEPRA) has acquired the remaining 24% stake in its UK retail energy joint venture, Orbit Energy, from its former partner for approximately $1.7 million. After settling outstanding loans, the net cost was about $1.4 million. This acquisition aligns with Genie's strategy to consolidate Orbit Energy as a wholly owned subsidiary, enhancing its GREI Segment. CEO Michael Stein emphasized the long-term growth potential in the UK market, while Orbit's CEO noted the streamlined management will support ongoing growth initiatives.

Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced its Q2 2020 earnings, reporting a profit of $0.06 per share on revenue of $76.1 million, a 24.7% increase from $61 million in Q2 2019. Key highlights include a 18% rise in global RCEs to 421,000 and a significant turnaround in operating income from a loss of $9.3 million to a profit of $2.7 million. The company's Adjusted EBITDA improved to $3.5 million from a negative $9.1 million. Genie repurchased 200,873 shares for $1.5 million. Despite COVID-19 impacts, the company demonstrated strong financial performance and growth in customer acquisition.

Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its second quarter 2020 financial results on August 6, 2020, at 7:30 AM Eastern. The earnings release will be posted on the company's website and filed with the SEC. A conference call to discuss the results and future strategy will follow at 8:30 AM, allowing for investor questions. Call participation details will be provided, and a replay will be available until August 13, 2020.