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 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.