NRG Energy, Inc. Reports First Quarter Results and Reaffirms 2024 Financial Guidance

Business Wire | Source: Business Wire | Posted 05/08/2024

HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) today reported first quarter 2024 Net Income of $511 million. Adjusted EBITDA for the first quarter was $849 million, Cash Provided by Operating Activities was $267 million, and Free Cash Flow Before Growth Investments (FCFbG) was $(40) million. Cash Provided by Operating Activities and FCFbG for the first quarter were primarily impacted by annual incentive payments, in addition to payment of Vivint Smart Home interest and seasonal inventory buildup in anticipation of the summer selling season.

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NRG Energy reported strong financial and operational performance in the first quarter of 2024, with a GAAP Net Income of $511 million and Adjusted EBITDA of $849 million. The company's diversified supply strategy performed well, leading to margin expansion in the East and West segments while mitigating the impacts of mild winter weather conditions in Texas. Consumer Energy and Smart Home platforms also saw an increase in customer counts year over year.

In a statement, NRG's Chair, Interim President, and CEO, Larry Coben, expressed optimism about the competitive energy market outlook and Smart Home adoption. The company reaffirmed its 2024 capital allocation commitment, including a recently concluded $950 million accelerated share repurchase program and plans for additional share repurchases. NRG also advanced site preparations for generation development opportunities, aiming to add approximately 1.5 GW of new, dispatchable generation capacity in ERCOT.

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NRG Energy, Inc. Reports First Quarter Results and Reaffirms 2024 Financial Guidance

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