NRG Energy (NRG) Reports $187 million of Q2 Adjusted EBITDA, Updates Gudiance

NRG Energy (NYSE: NRG) reported $187 million of Adjusted EBITDA for second quarter 2015. Revenue for the quarter came in at $3.4 billion versus the consensus estimate of $3.52 billion.

Updating Guidance

• Reducing 2015 Adjusted EBITDA guidance from $690 million to $660 million and 2015 CAFD guidance from $195 million to $160 million to reflect lower expected wind production across the fleet and a modified pace of residential solar deployments by NRG Home Solar over the balance of 2015, partially offset by the impact of acquisitions
• Excluding the impact of future drop downs, NRG Yield expects its existing portfolio to deliver $760 million of Adjusted EBITDA and $245 million of CAFD on an annual run rate basis
• Targeting $0.25 per share quarterly dividend ($1.00 per share annualized) by the fourth quarter 2016, a 19% increase over the current rate and a 67% increase since our first post-IPO dividend in the fourth quarter 2013

Acquired 25% Interest in Desert Sunlight

Acquired a 25% interest in the Desert Sunlight Solar Farm in Riverside, CA from GE Unit (NYSE: GE) GE Energy Financial Services for approximately $285 million, subject to working capital adjustments, plus the assumption of $287 million of non-recourse project level debt

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

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