NRG Energy Inc. (NRG) shares are trading higher on Thursday after the company announced a significant boost to its full-year 2024 outlook. The positive news came after NRG Energy revealed its updated guidance following the release of its third-quarter financial results.
The company raised its adjusted EBITDA forecast for 2024 from a range of $3.3 billion to $3.55 billion to a new range of $3.525 billion to $3.675 billion, representing an increase of $175 million at the midpoint. Additionally, NRG Energy upgraded its free cash flow before growth guidance from a range of $1.825 billion to $2.075 billion to a new range of $1.975 billion to $2.125 billion.
The company attributed the revised guidance to robust financial and operational performance throughout the year. Larry Coben, chair, president, and CEO of NRG Energy, expressed his enthusiasm for the company’s growth trajectory, stating, “It’s an exciting time for our company. We are pleased to raise our financial guidance for the year, reflecting the strength of our integrated platform and the best-in-class execution of our leading consumer strategy. We are confident in our ability to drive growth and capitalize on the emerging opportunities in our markets.”
NRG Energy is scheduled to report its third-quarter financial results on November 8th. Current analyst estimates project earnings of $2.05 per share on revenue of $9.144 billion, according to data from Benzinga Pro. In the previous quarter, NRG Energy missed revenue estimates, reporting second-quarter revenue of $6.659 billion compared to estimates of $8.32 billion, but surpassed earnings estimates, reporting earnings of $3.37 per share versus estimates of $1.55 per share.
As of Thursday’s trading, NRG Energy shares were up 1.65% at $90.71, according to Benzinga Pro. The positive outlook and strong financial performance have clearly boosted investor confidence in the energy giant.
