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NRG Energy, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $7.223 billion from $7.946 billion in the same quarter the previous year. This decrease is attributed to lower retail revenue and energy revenue.
Cost of operations for the quarter was $7.239 billion, compared to $6.406 billion in the same quarter of the previous year. This increase is due to higher purchased energy and other cost of sales.
The company reported a gross margin of $165 million for the quarter, compared to $1.631 billion in the previous year, with the decline attributed to changes in mark-to-market for economic hedging activities.
A gain of $208 million was recorded from the sale of assets, including the Airtron business unit.
Selling, general, and administrative expenses increased to $645 million from $602 million, primarily due to higher personnel costs and provision for credit losses.
Net loss for the quarter was $767 million, compared to a net income of $343 million in the previous year. After preferred dividends, net loss attributable to common stockholders was $784 million, compared to a net income of $326 million in the previous year.
Cash provided by operating activities was $1.354 billion, while cash used in investing and financing activities was $163 million and $1.041 billion, respectively.
NRG had a working capital of $8.611 billion as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including amendments to its credit agreement and the issuance of new senior notes.
NRG does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
NRG continues to focus on marketing its energy and home services to a broader customer base and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NRG Energy Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.