Genie Energy (NYSE: GNE) reported Q4 revenue for the quarter came in at $82 million versus the consensus estimate of $92.7 million.

HIGHLIGHTS (Throughout this release, 4Q19 results are compared to 4Q18 results and full year 2019 results are compared to full year 2018 unless otherwise noted)

• Global RCEs served increased 45.5% during 2019 to 374 thousand at December 31, 2019. Global meters served increased 53.9% to 497 thousand during the year.
• Consolidated revenue increased 30.6% in 4Q19 to $82.0 million from $62.8 million. Full year revenue increased 12.5% to $315.3 million from $280.3 million.
• Results from Orbit Energy, Genie's retail energy provider JV in the UK, are not consolidated. Orbit Energy revenue was $30.8 million in 2019 and $2.5 million in 2018. Genie pro forma consolidated revenue inclusive of Orbit was $346.1 million in 2019 and $282.8 million in 2018.*
• Consolidated income from operations increased to $2.3 million in 4Q19 from a loss from operations of $0.5 million. Full year 2019 income from operations was $9.8 million compared to $12.0 million.
• Consolidated Adjusted EBITDA* increased to $0.8 million in 4Q19 from $(0.6) million. Full year 2019 Adjusted EBITDA was $10.1 million compared to $17.9 million.
• At Genie Retail Energy (GRE), income from operations increased to $8.2 million in 4Q19 from $3.4 million. Full year 2019 income from operations was $27.2 million compared to $29.0 million.
• During the fourth quarter, Genie repurchased 261,722 shares of Class B common stock bringing the full year 2019 purchases to 731,869 shares, approximately 2.7% of all common shares outstanding, for $5.6 million.
• Through stock repurchases and dividends paid on both its common and preferred stock, Genie returned $15.2 million to investors in 2019.
• Genie's Board of Directors has declared a fourth quarter 2019 dividend of $0.075 per share.

COMMENTS OF MICHAEL STEIN, CEO "Genie Energy capped a productive 2019 with strong fourth quarter operational and financial results. We grew our international retail energy business in each of our three international markets – the U.K Japan, and Finland – and expect to launch an additional Scandinavian market in 2020. Our domestic retail energy business expanded into the Texas market and generated $8.5 million in Adjusted EBITDA in the fourth quarter and $28.3 million in the full year.

"Our financial and operational results and positive outlook allowed us to continue our stock repurchase program in the fourth quarter. For the full year, we bought back 2.7% of our common stock for $5.6 million, while returning $9.6 million in dividends to our common and preferred shareholders.

"Looking ahead, we will continue our strategic focus on growth and profitability within our retail energy supply business –growing our customer base organically in our current markets, and prudently expanding into new territories and markets in 2020."

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