On November 7, 2024, NRG Energy, Inc. reported strong third-quarter 2024 financial results, including Adjusted EBITDA of $1,055 million and Free Cash Flow before Growth Investments (FCFbG) of $815 million, representing increases of $68 million and $460 million, respectively, over the prior year period. The company also introduced new metrics, reporting Adjusted Net Income of $393 million and Adjusted EPS of $1.90 for the quarter.
NRG raised its 2024 Adjusted EBITDA guidance to $3,655 - $3,805 million and reaffirmed its FCFbG guidance at $1,975 - $2,125 million. The company also initiated 2025 guidance, projecting Adjusted EBITDA of $3,725 - $3,975 million, Adjusted Net Income of $1,330 - $1,530 million, Adjusted EPS of $6.75 - $7.75, and FCFbG of $1,975 - $2,225 million. NRG also increased its 2024 share repurchase allocation to $925 million and achieved its investment-grade credit metrics target a year ahead of schedule.
In strategic developments, NRG announced a definitive partnership with Renew Home and Google Cloud to develop a 1 GW residential Virtual Power Plant (VPP) in Texas, aiming to enhance grid resilience and reduce household energy costs. Additionally, the company successfully closed the sale of its Airtron HVAC business unit on September 16, 2024, for $500 million, realizing net cash proceeds of $484 million and an accretive 8.6x multiple on 2023 Adjusted EBITDA.
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