Genie Energy climbs on raised core profit outlook

Genie Energy

07/08/2023 14:02

** Shares of power provider Genie Energy  GNE.N  rise 3.4%
to $14.14 in premarket
    ** GNE raises 2023 adjusted EBITDA outlook to $47 mln-$55
mln vs prior forecast of $40 mln-$50 mln
    ** It posts 39.6% rise in Q2 revenue
    ** Genie says Q2 income from retail energy unit climbs 27.8%
to $18.4 mln, driven by increased customer counts
    ** Genie's solar unit added five new projects representing
30 megawatt (MW) to its pipeline during the quarter
    ** Solar unit had a pipeline of potential projects totaling
108 MW in development at the end of the quarter
    ** GNE shares up 32% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))