NRG Energy Q2 Profit Climbs, Confirms FY24 View

(RTTNews) - NRG Energy, Inc. (NRG) reported Thursday that its second-quarter net income available for stockholders surged to $721 million from last year's $291 million. Earnings per share were $3.37, higher than $1.25 a year ago.

The earnings growth primarily reflected higher unrealized non-cash mark-to-market gains on economic hedges in Texas in 2024 due to heat rate expansion in ERCOT, and losses in 2023 in the East due to declines in natural gas and power prices.

Adjusted EBITDA improved to $935 million from $819 million a year ago.

Revenue for the quarter was $6.66 billion, higher than prior year's $6.35 billion.

Looking ahead, NRG reaffirmed its adjusted EBITDA guidance of $3.30 billion to $3.55 billion.

On August 3, the company entered into a definitive agreement to sell its Airtron HVAC business unit for $500 million, subject to standard purchase price adjustments. The transaction is subject to regulatory approval and is expected to close by the end of 2024.

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