Genie Energy (NYSE: GNE) reported Q2 EPS of ($0.50). Revenue for the quarter came in at $52.2 million.

2Q17 OPERATIONAL AND FINANCIAL HIGHLIGHTS

• Genie Retail Energy (GRE) accelerated its organic customer growth, adding twelve thousand meters and two thousand RCEs, respectively, compared to March 31, 2017;
• GRE increased revenue to $52.2 million from $44.6 million (+17.2%) in 2Q16. 2Q17 was GRE\'s fifth consecutive quarter of year-over-year revenue increases;
• GRE accrued $9.0 million related to an agreement to settle class action lawsuits stemming from the polar vortex of 2013-2014. The agreement is subject to approval by the court;
• GRE reported a loss from operations of $8.2 million and negative Adjusted EBITDA* of $7.6 million including the impact of the $9.0 million legal accrual. In 2Q16, income from operations and Adjusted EBITDA* were $5.2 million and $5.3 million, respectively;
• Management believes GRE is well-positioned to deliver strong performance in the second half of 2017 and expects GRE to generate between $20 million and $25 million in Adjusted EBITDA* for all of 2017, exclusive of the $9 million legal accrual;
• In Israel, Genie Energy\'s Afek subsidiary expects to resume drilling its Ness 10 exploratory well in the Northern region of its license area shortly;
• 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 August 25, 2017.

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