NRG Energy (NRG) Q3 Earnings Beat Estimates, Revenues Fall Y/Y
NRG Energy, Inc.’s NRG third-quarter 2020 earnings of $1.02 per share from continuing operations beat the Zacks Consensus Estimate of $1.01 by 1%. Nevertheless, the bottom line declined 29.7% from the year-ago quarter’s figure.
Revenues
NRG Energy’s quarterly revenues logged $2,809 million, down 6.2% from the year-ago quarter’s figure.
NRG Energy, Inc. Price, Consensus and EPS Surprise
NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote
Highlights of the Release
Third-quarter adjusted EBITDA was $752 million compared with $792 million in the year-ago quarter.
The company’s total operating costs and expenses in the quarter amounted to $2.42 billion, down 1.6% from $2.46 billion in the year-ago quarter. This upside is owing to lower cost of operations.
Operating income was $393 million, down 27.2% from $540 million in the year-ago quarter. Interest expenses of $99 million were on par with the prior-year quarter’s tally.
Financial Highlights
As of Sep 30, 2020, the company had cash and cash equivalents worth $697 million compared with $345 million as of Dec 31, 2019.
As of Sep 30, 2020, the company’s long-term debt amounted to $5,792 million compared with $5,803 million as of Dec 31, 2019.
The company’s net cash provided by operating activities in the first nine months of 2020 was $1,386 million compared with $897 million generated in the prior-year’s comparable period.
Capital expenditures in the first nine months of 2020 were $167 million compared with $183 million in the comparable period last year.
Guidance
The company narrowed 2020 adjusted EBITDA outlook to the range of $1,950-$2,050 million from the prior range of $1,900-$2,100 million. It updated its 2020 free cash flow before growth investments to the $1,450-$1,550 band from the previous range of $1,275-$1,475 million.
The company maintained 2021 adjusted EBITDA view in the range of $1,900-$2,100 million. It lowered its 2021 free cash flow before growth investments to the $1,200-$1,400 band from the previous range of $1,275-$1,475 million.
Zacks Rank
NRG Energy has a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Pinnacle West Capital Corporation’s PNW adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.
Xcel Energy Inc. XEL posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.
NiSource Inc NI delivered net operating earnings of 9 cents per share in third-quarter 2020, which surpassed the Zacks Consensus Estimate of 2 cents by 85.7%.
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