Genie Energy Ltd
NYSE:GNE
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Genie Energy Ltd
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Genie Energy Ltd
Genie Energy Ltd. engages in the provision of energy services. The company is headquartered in Newark, New Jersey and currently employs 186 full-time employees. The company went IPO on 2011-10-26. The firm supplies traditional and renewable electricity, including community solar; and natural gas, including clean energy, and carbon offset solutions. Its segments Genie Retail Energy (GRE), Genie Retail Energy International (GRE International), and Genie Renewables. GRE supplies electricity and natural gas to residential and small business customers in certain portions of markets within the United States. GRE International supplies electricity to residential and small business customers in Scandinavia. Genie Renewables includes Genie Solar Energy (Genie Solar), which designs and build local solar installation for commercial size customers, CityCom Solar, which recruits customers to purchase electricity generated by community solar fields, Prism Solar Technologies (Prism), which designs and manufactures niche solar panels for wholesale distribution and Diversegy LLC (Diversegy), an energy broker for commercial customers.
Genie Energy Ltd. engages in the provision of energy services. The company is headquartered in Newark, New Jersey and currently employs 186 full-time employees. The company went IPO on 2011-10-26. The firm supplies traditional and renewable electricity, including community solar; and natural gas, including clean energy, and carbon offset solutions. Its segments Genie Retail Energy (GRE), Genie Retail Energy International (GRE International), and Genie Renewables. GRE supplies electricity and natural gas to residential and small business customers in certain portions of markets within the United States. GRE International supplies electricity to residential and small business customers in Scandinavia. Genie Renewables includes Genie Solar Energy (Genie Solar), which designs and build local solar installation for commercial size customers, CityCom Solar, which recruits customers to purchase electricity generated by community solar fields, Prism Solar Technologies (Prism), which designs and manufactures niche solar panels for wholesale distribution and Diversegy LLC (Diversegy), an energy broker for commercial customers.
Record Revenue: Genie Energy delivered record third quarter revenue, rising 24% to $138.3 million, driven by higher electricity consumption, commodity prices, and customer growth.
Margin Pressure: Gross profit and margins fell sharply due to surging electricity and gas costs that outpaced hedging protections, with consolidated gross margin dropping from 33.9% to 21.7%.
EPS Drop: Diluted EPS fell to $0.26 from $0.38 a year ago as cost pressures hit the bottom line.
Guidance Maintained: Management expects to achieve the low end of full-year adjusted EBITDA guidance of $40–50 million as the margin environment gradually improves.
Shareholder Returns: Genie repurchased 124,000 shares for $2 million and paid a quarterly dividend of $0.075 per share.
Renewables and Growth Investments: Genie continued to invest in solar and new ventures; its Lansing community solar project is set to generate revenue in Q4, and the Diversegy brokerage business saw strong profitability growth.
