NRG Energy (NRG) Q4 Earnings Beat Estimates, Revenues Lag
NRG Energy, Inc. NRG reported fourth-quarter 2023 earnings of $1.14 per share, which beat the Zacks Consensus Estimate of 94 cents by 21.3%. The company reported earnings of $1.64 per share in the year-ago quarter.
In 2023, the company reported a GAAP loss of $1.12 per share against earnings of $5.17 in 2022.
Revenues
Total revenues came in at $6.81 billion, which missed the Zacks Consensus Estimate of $7.76 billion by 12.2%. The figure also declined 13.4% from $7.86 billion recorded in the prior-year quarter.
Total revenues for 2023 were $28.8 billion, down 8.6% from the prior-year level of $31.5 billion.
NRG Energy, Inc. Price, Consensus and EPS Surprise
NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote
Highlights of the Release
The company recorded adjusted EBITDA of $844 million, up 82.3% from the year-ago quarter’s figure of $463 million.
The company’s total operating costs and expenses in 2023 were $30 billion, up 1.3% from $29.6 billion in 2022.
Operating income for 2023 totaled $384 million compared with $2.02 billion in 2022.
Financial Highlights
As of Dec 31, 2023, NRG had cash and cash equivalents worth $541 million compared with $430 million as of Dec 31, 2022.
As of Dec 31, 2023, long-term debt and finance leases amounted to $10.13 billion compared with $7.98 billion as of Dec 31, 2022.
Cash used by operating activities in 2023 totaled $221 million against $360 million cash provided in the previous year.
Capital expenditures totaled $598 million in 2023 compared with $367 million in the previous year.
Guidance
NRG Energy reaffirmed its 2024 guidance of $3.3-$3.55 billion for Adjusted EBITDA and $1.83-$2.1 billion for Free Cash Flow before Growth.
For 2024, the company reiterated its previously announced capital allocation plan that includes $500 million in debt paydown, $825 million in share repurchases and an 8% increase of the annual common dividend.
Zacks Rank
The company has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
NextEra Energy, Inc. NEE reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%.
The company’s long-term (three to five-year) earnings growth rate is 8.18%. The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying a year-over-year improvement of 8.5%.
AVANGRID, Inc. AGR reported fourth-quarter 2023 earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 94 cents by 3.2%.
AGR’s long-term earnings growth rate is 3.63%. The Zacks Consensus Estimate for 2024 earnings is pinned at $2.25 per share, implying a year-over-year improvement of 7.7%.
Pinnacle West Capital Corporation PNW reported fourth-quarter 2023 break-even earnings. The bottom-line estimate was pegged at a loss of 10 cents per share.
PNW’s long-term earnings growth rate is 3.95%. The Zacks Consensus Estimate for 2024 earnings is pinned at $4.75 per share, implying a year-over-year improvement of 10.5%.
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