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NRG Energy, Inc. Reports Full-Year And Fourth Quarter Results; Increases Merger Synergies; Increases Dividend And Announces Share Buyback Program

Stocks in this article: NRG

NRG Energy, Inc. (NYSE: NRG) today reported 2012 full-year adjusted EBITDA of $1,917 million with Wholesale contributing $1,175 million, Retail contributing $656 million and Solar contributing $86 million. Full-year adjusted cash flow from operations totaled $1,127 million while 2012 net income was $559 million, or $2.35 per diluted common share compared to 2011 net income of $197 million, or $0.78 per diluted common share. These results include seventeen days of performance from the GenOn business which became part of NRG on December 15, 2012.

Fourth quarter adjusted EBITDA was $420 million and adjusted cash flow from operations was $134 million. Wholesale contributed $245 million of fourth quarter adjusted EBITDA, Retail contributed $152 million and Solar contributed $23 million. Net income for the fourth quarter of 2012 totaled $516 million, or $2.06 per diluted common share, compared to a 2011 net loss of $109 million or ($0.48) per diluted common share. Included in the $516 million of net income is $560 million of bargain purchase gain associated with the GenOn merger.

“NRG withstood a weak commodity price environment in 2012 to achieve solid financial results and robust free cash flow,” commented David Crane, NRG’s President and Chief Executive Officer. “With the GenOn integration now well underway and proceeding smoothly we are in a strong position to both reinvest in the growth of our own businesses and step up our capital allocation program for 2013.”

Segment Results


Table 1: Adjusted EBITDA

($ in millions)           Three Months Ended           Twelve Months Ended
Segment           12/31/12           12/31/11           12/31/12           12/31/11
Retail 152           160 656           664
Gulf Coast

- Texas

190 200 880 842

- South Central

16 19 99 125
East 34 (6) 117 88
West 18 14 87 73
Other 13 13 65 56
Alternative Energy (1) 17 (6) 52 (15)
Corporate           (20)           (4)           (39)           (13)
Adjusted EBITDA (2)           420           390           1,917           1,820

(1) Alternative Energy includes the results of the Company’s Solar projects(2) Detailed adjustments by region are shown in Appendix A


Table 2: Net Income/(Loss)

($ in millions) Three Months Ended Twelve Months Ended
Segment           12/31/12           12/31/11           12/31/12           12/31/11
Retail 37           19 541           369
Gulf Coast

- Texas

108 123 (94) 316

- South Central

2 (60) 2 (14)
East (19) (73) (39) (86)
West 17 3 59 54
Other 8 5 33 19
Alternative Energy (1) (14) (15) (54) (57)
Corporate           377           (111)           111           (404)
Net Income/(Loss)           516           (109)           559           197

(1) Alternative Energy includes the results of the Company’s Solar projects

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