NRG Energy's (NRG) Q1 Earnings Miss, Revenues Beat Estimates

NRG Energy, Inc. (NYSE:NRG) delivered earnings of 34 per share in first-quarter 2019, which missed the Zacks Consensus Estimate of 39 cents by 12.8%. The figure declined 61.8% on a year-over-year basis.

Revenues

NRG Energy generated revenues of $2,165 million in the quarter, which beat the Zacks Consensus Estimate of $2,072 million by 4.5%. The top line increased 5% from the year-ago quarter’s figure.

Highlights of the Release

First-quarter Adjusted EBITDA was $333 million compared with $336 million in the year-ago quarter.

As part of the Transformation Plan, the company realized $131 million of its 2019 cost savings target.

During the quarter, NRG Energy completed $500 million of the $1-billion 2019 share repurchase program.

Financial Highlights

As of Mar 31, 2019, the company had cash and cash equivalents of $859 million compared with $563 million as of Dec 31, 2018.

As of Mar 31, 2019, the company’s long-term debt and capital leases amounted to $6,366 million compared with $6,449 million as of Dec 31, 2018.

The company’s net cash used in operating activities in the first quarter was $127 million compared with $350 million cash provided by operating activities in the year-ago quarter.

Capital expenditure in the first quarter was $49 million compared with $155 million in the prior-year quarter.

Guidance

The company reaffirmed 2019 adjusted EBITDA guidance in the range of $1,850-$2,050 million and free cash flow before growth investments in the band of $1,250-$1,450 million.

Zacks Rank

NRG Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Utility Releases

DTE Energy Company (NYSE:DTE) delivered first-quarter 2019 operating earnings per share of $2.05, which beat the Zacks Consensus Estimate of $1.95 by 5.1%.

NextEra Energy, Inc (NYSE:NEE) generated first-quarter 2019 adjusted earnings of $2.20 per share, which beat the Zacks Consensus Estimate of $2.01 by 9.4%.

FirstEnergy Corporation (NYSE:FE) delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.

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