Genie Energy reports Q2 non-GAAP EPS 37c vs 57c last year

Reports Q2 revenue $90.7M vs. $93.5M last year. Michael Stein, chief executive officer of Genie Energy, commented: “Our solid second quarter results reflect the investments in meter and RCE growth we made in the first half of last year, combined with a stable, normalized retail energy environment. We also delivered a solid performance at Genie Renewables, where Diversegy and our operational solar farms helped drive 7% revenue growth and over 700 basis points of gross margin expansion. Our strong performance over the first half of 2024 puts us on track to achieve our full year guidance of $40 to $50 million in consolidated Adjusted EBITDA. In the second quarter, we also improved our ability to fund growth and capital return initiatives by increasing our net cash, cash equivalents and marketable securities by nearly $16 million, even while in investing in our business, paying out our quarterly dividend and repurchasing $2.6 million of our common stock.”