NEW YORK - NRG Energy Inc (NYSE:NRG) reported better-than-expected third quarter earnings on Friday, sending its shares up 5.5% in premarket trading.
The power company posted adjusted earnings per share of $1.90, topping analyst estimates of $1.83. Revenue came in at $7.22 billion, below the consensus forecast of $9.14 billion.
NRG reaffirmed its recently raised full-year 2024 adjusted EBITDA guidance range of $3.655 billion to $3.805 billion. The company also initiated 2025 financial guidance, projecting adjusted earnings per share of $6.75 to $7.75.
"We had another excellent quarter, posting strong performance across the company," said Larry Coben, NRG Chair, President and Chief Executive Officer. "NRG's financial position has never been stronger as evidenced by our raised 2024 guidance and the 2025 guidance we initiated today."
The company announced it is increasing its 2024 share repurchase plan to $925 million from $825 million previously. NRG said it expects to complete the entire $925 million of repurchases by the end of the fourth quarter.
For the third quarter, NRG reported adjusted EBITDA of $1.06 billion, up from $987 million in the same period last year. The company said the increase was driven primarily by margin expansion across all reporting segments.
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