HOUSTON - NRG Energy, Inc. (NYSE: NYSE:NRG) today disclosed an annual net loss of -$1.12 per share, with full-year revenue reaching $28.82 billion. Despite the reported net loss, the company delivered a robust Adjusted EBITDA of $3.3 billion, showcasing strong operational performance throughout the year. The stock is trading flat in Wednesday's premarket session.
The energy company's financial results for the year were impacted by a net loss, primarily due to unrealized non-cash mark-to-market losses on economic hedges triggered by significant fluctuations in natural gas and power prices. Nevertheless, the full-year Adjusted EBITDA and Free Cash Flow Before Growth (FCFbG) showed considerable growth compared to the previous year, indicating a solid underlying business performance.
NRG's Adjusted EBITDA guidance for the upcoming year is set at $3,300 to $3,550 million, with the projected Cash Provided by Operating Activities and FCFbG both in the range of $1,825 to $2,075 million. These figures are consistent with market expectations and underscore the company's confidence in its financial outlook.
Larry Coben, NRG's Chair, Interim President, and CEO, commented on the results, stating, "We delivered very strong financial performance in 2023. The Company is well positioned for 2024 and ahead of pace against the plan we laid out at our June 2023 Investor Day. We remain focused on executing against our consumer and capital allocation strategy."
NRG's strategy has led to expanded margins and a growing customer count in both the Energy and Smart Home portfolios. The company has also completed a $300 million Direct Energy synergy program and is progressing well with its current $250 million cost savings program.
Looking ahead, NRG is reaffirming its 2024 guidance ranges, demonstrating a commitment to delivering value to shareholders. The company's capital allocation policy aims to return almost $5.5 billion over the next four years, reflecting a strong balance sheet and a commitment to shareholder returns.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.