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NRG Energy Earnings Nearly Double Estimates (NRG)

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NRG Energy, Inc. (NYSE: NRG) announced on Monday morning that it easily beat consensus Wall Street earnings estimates, while missing revenue expectations.

NRG Energy, Inc. (NRG) reported that its 2nd quarter net income plunged to $211 million, or 81 cents per share, down from $433 million, or $1.56 per share, a year earlier.

Revenue was also took a hit, falling to $2.13 billion, down from $2.23 billion a year earlier.

However, according to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 42 cents per share, on revenue of $2.33 billion.

The company increased its full year cash flow forecast to a range of $816 million to $916 million.

President and chief executive officer David Crane said, "NRG continued to deliver record results and cash flow generation despite the weak commodity and economic environment. While achieving such an outstanding operating result, NRG also continued to build for the future, expanding our portfolio of clean and alternative energy projects through the acquisition of Northwind Phoenix thermal facility, South Trent wind farm, and a portfolio of US Solar development projects."

NRG Energy, Inc. closed at $22.68 per share the previous trading day. Analysts covering the company's stock give it a consensus price target of $26 per share.

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Posted-In: David Crane Thomson ReutersEarnings News Guidance Markets