Utilities firm Genie Energy falls as quarterly net income declines

Genie Energy

08/05/2023 15:56

** Shares of utilities firm Genie Energy Ltd  GNE.N  plunge
11.2% to $13.62
    ** GNE reports Q1 net income of $14.3 mln, down 18.5% from a
year earlier
    ** Q1 gross margin narrows to 31.6% from 54.8%
    ** Income from operations falls 58.2% to $11.3 mln
    ** Quarterly revenue, however, is up 22.5% at $105.3 mln
over a year earlier
    ** Accounting for session's losses, stock down ~20% YTD

 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))