NRG Energy (NRG) Q4 Earnings Beat, Revenues Lag

NRG Energy. NRG's fourth-quarter 2023 profits of $1.14 per share topped the Zacks Consensus Estimate of 94 cents by 21.3%. Quarterly profits were $1.64 per share last year. The firm lost $1.12 per share in 2023 after earning $5.17 in 2022.

Revenues Revenues were $6.81 billion, 12.2% below the Zacks Consensus Estimate of $7.76 billion. It fell 13.4% from $7.86 billion in the previous quarter. Revenues dropped 8.6% to $28.8 billion in 2023 from $31.5 billion. NRG Energy Price, Consensus, EPS Surprise Price consensus EPS surprise chart | NRG Energy, Inc. Quote

Highlights of Release From $463 million in the year-ago quarter, adjusted EBITDA rose 82.3% to $844 million. Operating expenditures and expenses rose 1.3% to $30 billion in 2023 from $29.6 billion in 2022. In 2022, operating income was $2.02 billion; in 2023, $384 million.

Financial Highlights NRG had $541 million in cash and cash equivalents on December 31, 2023, up from $430 million in 2022. Long-term debt and financing leases totaled $10.13 billion in 2023, up from $7.98 billion in 2022. Operating operations utilized $221 million in 2023, compared to $360 million in 2022. In 2023, capital expenditures were $598 million, up from $367 million.

Guidance NRG Energy maintained its 2024 Adjusted EBITDA projection of $3.3-$3.55 billion and Free Cash Flow before Growth of $1.83-$2.1 billion. The business restated its 2024 capital allocation strategy of $500 million in debt paydown, $825 million in share repurchases, and an 8% common dividend increase.

NEE's fourth-quarter 2023 adjusted profits of 52 cents per share surpassed the Zacks Consensus Estimate of 49 cents by 6.1%. Over three to five years, the company's profits increase is 8.18%. NEE's 2024 Zacks Consensus Estimate is $3.44 per share, up 8.5% year-over-year.

AVANGRID, Inc. AGR beat the Zacks Consensus Estimate of 94 cents per share by 3.2% with fourth-quarter 2023 profits of 97 cents. Long-term profit growth for AGR is 3.63%. The Zacks Consensus Estimate for 2024 profits is $2.25 per share, up 7.7% year-over-year.

Pinnacle West Capital Corporation PNW announced fourth-quarter 2023 break-even earnings. An estimated 10 cent loss per share was the bottom line. Long-term profit growth for PNW is 3.95%. The Zacks Consensus Estimate for 2024 profits is $4.75 per share, up 10.5% year-over-year.

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