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NRG Energy posts Q3 core revenue beat, raises annual forecast

NRG Energy beat thirdquarter core profit estimates on Friday due to lower supply expenses throughout its service areas, and raised its 2024 earnings outlook, sending its shares up over 3% before the bell.

U.S. natural gas rates fell in the quarter compared to the previous year, making it less expensive to provide the fuel across NRG's. service area.

The utility, nevertheless, reported a loss of $767 million in the. third quarter, compared to a year-ago earnings of $343 million. due to obstacles on its financial hedges. NRG stated declining ERCOT. forward power prices in Texas led to a hit of $1.63 billion on. net earnings.

Hedging can help business decrease threat and safeguard energy. traders from unexpected or unfavorable cost variations.

The Houston, Texas-based energy stated it now anticipates the. 2024 adjusted revenue forecast to be between $5.95 and $6.75 per. share, from a previous outlook of $5.00-$ 6.30 per share.

In 2025, the business expects yearly adjusted earnings of. $ 6.75-$ 7.75 per share, the midpoint of which is greater than. experts' expectations of $6.80 per share, according to data. put together by LSEG.

NRG Energy reported adjusted earnings before interest,. taxes, depreciation and amortization of $1.06 billion for the. three months ended Sept. 30, compared with expectations of. $ 997.9 million.

However, adjusted profits per share of $1.90 missed out on. analysts' price quotes of $2 per share.

(source: Reuters)