Genie Energy (NYSE: GNE) reported Q2 EPS of ($0.09). Revenue for the quarter came in at $56.4 million.

Highlights:

(Throughout this release, 2Q18 results are compared to 2Q17 results unless otherwise noted)

• Genie Retail Energy's (GRE) income from operations increased to $3.3 million compared to a loss from operations of $9.4 million. Adjusted EBITDA* increased to $3.8 million compared to negative Adjusted EBITDA of $8.9 million. GRE's results in the year ago quarter were impacted by a legal accrual of $9 million;
• Consolidated loss from operations was $2.3 million compared to $13.6 million. Consolidated Adjusted EBITDA increased to $1.8 million compared to negative Adjusted EBITDA of $11.9 million;
• Net loss per share decreased to $0.09 per basic and diluted share from $0.55;
• GRE\'s churn rate decreased to 5.7% from 6.3%;
• Genie Energy reclassified its drilling assets as 'held for sale' reflecting management's decision to explore strategic options for its Atid drilling services start-up. The reclassification resulted in an impairment charge of $2.3 million;
• Genie Energy's Board of Directors has declared a second quarter dividend of $0.075 per share.

COMMENTS OF MICHAEL STEIN, CEO OF GENIE ENERGY

"Genie Energy's results for the three months ended June 30 were solid and consistent with our expectations. We continue to focus on Genie Retail Energy's operations, and achieved encouraging improvements in revenue, gross profit and income from operations even with our continued investment in international expansion.

"Looking ahead, we are focused on continuing the expansion of Genie Retail Energy both domestically and overseas. Orbit Energy, our retail energy JV operating in Great Britain, is ramping up its customer acquisition programs. We also expect to begin acquiring customers in an additional international market later this year."

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