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NRG Energy (NRG) Q1 Earnings Miss Estimates, Revenues Up Y/Y

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NRG Energy, Inc. NRG posted first-quarter 2021 earnings from continuing operations of 84 cents per share, lagging the Zacks Consensus Estimate of $1.64 by 48.8%. However, the bottom line compared favorably with 49 cents per share reported in the year-ago quarter.

Revenues

NRG Energy’s quarterly revenues came in at $8,091 million, up a whopping 300.7% year over year.

NRG Energy, Inc. Price, Consensus and EPS Surprise

NRG Energy, Inc. Price, Consensus and EPS Surprise
NRG Energy, Inc. Price, Consensus and EPS Surprise

NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote

Highlights of the Release

In January, the company closed the Direct Energy acquisition, paying a total purchase price of $3.625 billion in cash, plus an initial purchase price adjustment of $77 million.

For the quarter ended Mar 31, 2021, Winter Storm Uri's financial impact was a loss of $967 million. However, based on forecast expenses and estimated mitigants, the total cash impact from Winter Storm Uri is expected in the range of $500-$700 million.

First-quarter adjusted EBITDA was $567 million, up 62.5% from $349 million in the year-ago quarter.

The company’s total operating costs and expenses for first-quarter 2021 amounted to $8,164 million, up 358.4% from $1,781 million in first-quarter 2020.

Interest expenses of $127 million increased 29.6% from the prior-year quarter’s $98 million.

Financial Highlights

As of Mar 31, 2021, the company had cash and cash equivalents worth $501 million compared with $3,905 million on Dec 31, 2020.

As of Mar 31, 2021, its long-term debt amounted to $8,705 million compared with $8,691 million on Dec 31, 2020.

The company’s cash (used in)/provided by continuing operations for first-quarter 2021 was ($917) million against $208 million generated in the comparable period of 2020.

Capital expenditures for first-quarter 2021 were $63 million compared with $66 million in first-quarter 2020.

Guidance

NRG Energy maintained 2021 adjusted EBITDA view in the range of $2,400-$2,600 million. It expects 2021 free cash flow before growth investments in the band of $1,440-$1,640 million.

Zacks Rank

NRG Energy has a Zacks Rank #4 (Sell), at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

The Southern Company SO reported first-quarter 2021 earnings per share of 98 cents, beating the Zacks Consensus Estimate of 85 cents by 15.3%.

WEC Energy Group WEC came up with first-quarter 2021 earnings per share of $1.61, which beat the Zacks Consensus Estimate of $1.47 by 9.5%.

NextEra Energy, Inc. NEE reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

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Southern Company The (SO) : Free Stock Analysis Report

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NextEra Energy, Inc. (NEE) : Free Stock Analysis Report

NRG Energy, Inc. (NRG) : Free Stock Analysis Report

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