Genie Energy (NYSE: GNE) reported Q3 EPS of $0.24, versus $0.18 reported last year. Revenue for the quarter came in at $96.3 million, versus $85.7 million reported last year.

HIGHLIGHTS (Throughout this release, 3Q20 results are compared to 3Q19 results unless otherwise noted)

• By quarter end, Genie had expanded its global customer base to the highest level in company history. Global RCEs rose to 442,000 and global meters to 558,000, representing year over year increases of 15% and 13% respectively.
• Consolidated revenue increased 12.4% to $96.3 million driven by increases in average electricity consumption in the U.S. and internationally. Gross profit increased 3.7% to $27.3 million while SG&A expense decreased 3.0% to $18.8 million on reduced customer acquisition expense.
• Consolidated income from operations increased 22.2% to $8.5 million. Consolidated Adjusted EBITDA1 increased 18.6% to $9.5 million.
• Genie Retail Energy, Genie's domestic energy supply business, increased income from operations to $12.3 million from $10.9 million and Adjusted EBITDA1 to $12.6 million from $11.2 million.
• Diluted EPS increased to $0.24 from $0.18.

"In the U.S., our year over year increases in revenue, gross profit and income from operations were driven by increased average per meter electricity consumption. Residential electricity demand in the U.S. has increased in the COVID-19 era while churn and the pace of meter acquisition have slowed.

"After the third quarter closed, we acquired our partner's interest in our U.K. joint venture for $1.7 million. We are excited about the long-term prospects for this business and expect it to become EBITDA accretive within the next two years.

"Our bottom line results further strengthened our balance sheet this quarter even as we continued to invest to grow our international businesses. By the quarter close, we had achieved our highest levels of cash and working capital since 2016."

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