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SEC Filing Details

8-K
NRG ENERGY, INC. filed this Form 8-K on 11/08/2018
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Exhibit 99.1



NRG Energy, Inc. Reports Third Quarter 2018 Results and Initiates 2019 Guidance

Closed on sale of NRG’s interest in NRG Yield and the Renewables Platform for $1.348 billion1 
Executing on second $500 million share repurchase commitment, totaling $1 billion in 2018
Announcing an additional $500 million share repurchase authorization
Redeemed $485 million balance of 2022 senior notes and prepaid $155 million of Term Loans, achieving corporate debt reduction target of $640 million; on track to achieve 3.0x net debt / EBITDA for 2018
Narrowing 20182 guidance to the upper-half of range and initiating 2019 Adjusted EBITDA and FCFbG guidance
C. John Wilder announces retirement from the Board of Directors


PRINCETON, NJ - November 8, 2018 - NRG Energy, Inc. (NYSE: NRG) today reported third quarter 2018 income from continuing operations of $306 million. Income from continuing operations for the first nine months of 2018 of $601 million, or $1.91 per diluted common share, compares to income from continuing operations of $116 million, or $0.56 per diluted common share for the first nine months of 2017. Adjusted EBITDA for the three and nine months ending September 30, 2018, was $677 million and $1,580 million, respectively. Year-to-date cash from continuing operations totaled $758 million.

“Our quarterly and year to date results demonstrate the benefits of the integrated retail and generation platform,” said Mauricio Gutierrez, President and Chief Executive Officer, NRG. “We are making significant progress on achieving our Transformation Plan targets and capital allocation priorities.”

Consolidated Financial Results
On August 31, 2018, NRG completed the sale of its interest in NRG Yield and the Renewables Platform. As a result, the financial information for NRG Yield, the Renewables Platform and Carlsbad Energy Center has been deconsolidated from the current period and all historical periods have been recast to reflect the presentation of these entities as discontinued operations.

 
 
Three Months Ended
 
Nine Months Ended
($ in millions)

 
9/30/18
 
9/30/17
 
9/30/18
 
9/30/17
Income from Continuing Operations
 
$
306

 
$
185

 
$
601

 
$
116

Cash From Continuing Operations
 
$
401

 
$
640

 
$
758

 
$
558

Adjusted EBITDA
 
$
677

 
$
552

 
$
1,580

 
$
1,183

Free Cash Flow Before Growth Investments (FCFbG)
 
$
556

 
$
462

 
$
856

 
$
630











1 Sale price was reduced by $27 MM to account for the agreed-upon adjustment for Patriot Wind, which is expected to be sold to a third party

1