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Genie Energy Ltd. (GNE-0.35%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Genie Energy's operations through its segments, Genie Retail Energy (GRE) and Genie Renewables. GRE's revenues decreased by 12.1% to $105.8 million in the third quarter of 2024, compared to the same quarter in 2023, due to a decline in electricity consumption and natural gas sales.
Genie Renewables reported an increase in revenues to $6.1 million in the third quarter of 2024, mainly driven by increased commissions and solar project development revenues.
Operating income for Genie Energy decreased to $11.7 million in the third quarter of 2024 from $17.9 million in the same period in 2023, primarily due to increased selling, general, and administrative expenses.
Net income attributable to Genie Energy Ltd. was $10.2 million for the third quarter of 2024, down from $14.5 million in the same period in 2023.
The company reported cash provided by operating activities of $49.2 million for the nine months ended September 30, 2024, compared to $32.6 million in the same period of the previous year.
Genie Energy's balance sheet showed total assets of $341.7 million as of September 30, 2024, up from $330.6 million at the end of 2023.
The filing also mentions ongoing legal proceedings, including claims related to the discontinued operations of Lumo Finland and Lumo Sweden, and regulatory inquiries.
Genie Energy has continued its stock repurchase program, acquiring 492,032 shares of Class B common stock during the nine months ended September 30, 2024.
Dividend payments of $0.075 per share were declared and paid during the first three quarters of 2024 on both Class A and Class B common stock.
The report highlights risks related to market volatility, climate change, and regulatory changes impacting the company's operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Genie Energy Ltd. Class B Stock quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.