Genie Energy (NYSE: GNE) reported Q4 EPS of ($0.06), versus $0.00 reported last year. Revenue for the quarter came in at $102.9 million, versus $82 million reported last year.

4Q20 AND FULL YEAR 2020 FINANCIAL AND OPERATIONAL HIGHLIGHTS (Throughout this release, 4Q20 results are compared to 4Q19 results and FY 2020 results are compared to FY 2019 results unless otherwise noted)

• 4Q20 consolidated revenue increased 25.5% to $102.9 million. Full year 2020 consolidated revenue increased 20.3% to a company record of $379.3 million.
• 4Q20 consolidated loss from operations was $1.1 million compared to income from operations of $2.3 million in 4Q19. 4Q20 consolidated Adjusted EBITDA1 decreased to $693 thousand from $815 thousand.
• Full year 2020 consolidated income from operations increased to $19.3 million from $9.8 million. Full year 2020 consolidated Adjusted EBITDA1 increased to $24.0 million (the highest level in Genie Energy's history) from $10.1 million.
• 4Q20 diluted loss per share of $0.06 compared to breakeven. Full year 2020 diluted EPS increased to $0.44 from $0.10.
• In December 2020, Genie's Afek subsidiary ceased exploratory operations after finding no light oil resources suitable for commercial development.
• Genie Energy has suspended its common stock dividend

COMMENTS OF MICHAEL STEIN, CEO "We capped an outstanding year with solid fourth quarter results. Our domestic business again performed well despite the mixed impacts of COVID-19. For the full year 2020, consolidated gross profit increased 18% to $98 million and EPS climbed to $0.44 from $0.10 in 2019. Our domestic retail supply business delivered over $37 million in adjusted EBITDA, a record performance.

"In light of the losses incurred from the unprecedented storm that hit Texas in mid-February, we are working to de-risk our business and narrow our strategic focus. We expect to grow our cash-generating core business in the U.S., including our solar business, maximize near term cash flows, strengthen our balance sheet, and adapt our risk profile in light of the lessons learned. Pursuant to this approach, we will undertake a strategic evaluation of our international investment businesses. As part of the effort to rebuild our cash position, we have suspended our dividend."

"During the fourth quarter, we concluded our oil and gas exploration program after finding no light oil in our last well tests. Though disappointing, the result allows us to focus more tightly on our retail energy supply business.

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