Genie Energy: Plunges on surprise Q2 loss
05/08/2019 16:54
** Shares of Genie Energy GNE.N plunges 26.5% to $7.83,
their lowest since Feb. 19, as co reports a surprise Q2 loss
** GNE reports Q2 loss per share of 29 cents vs analysts'
estimates of a profit of 9 cents, according to Refinitiv IBES
urn:newsml:reuters.com:*:nPn7S38xna
**"P&L was also impacted by declines in wholesale
electricity and natural gas markets during the quarter which
also triggered mark-to-market losses of approximately $1.8
million on the unrealized value of our commodity hedges," says
CEO Michael Stein
** Co's rev up 8.1% to $61.01 mln missing est. of $67.58 mln
** Including session's losses, stock has risen 31.01% YTD
(Reporting by Arunima Kumar in Bengaluru)