Genie Energy (GNE) Reports Q1 EPS of $0.13

Genie Energy (NYSE: GNE) reported Q1 EPS of $0.13. Revenue for the quarter came in at $69.4 million, versus $0 reported last year.

• Genie Retail Energy (GRE) returned to organic customer growth, increasing its meter and RCE base by six thousand and four thousand, respectively, compared to December 31, 2016. Over the past two quarters, GRE has increased its meter count by 9%;
• GRE increased revenue to $69.4 million from $58.9 million in 1Q16, an increase of 17.9%. It was GRE\'s fourth consecutive quarter of year-over-year revenue increases;
• GRE reported $7.7 million in income from operations and $8.3 million in Adjusted EBITDA* compared to $10.7 million and $10.9 million, respectively, in 1Q16;
• In Israel, subsequent to the close of the quarter, Genie Energy's Afek subsidiary initiated drilling of the Ness 10 exploratory well in the Northern region of its license area and expects to complete the well early this summer;
• Genie Energy's Board of Directors has declared a quarterly dividend of $0.075 per share on Genie Energy\'s Class A and Class B common stock to be paid on or about May 19, 2017.

For earnings history and earnings-related data on Genie Energy (GNE) click here.

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