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NRG Energy, Inc. Reports Full-Year and Fourth Quarter 2010 Results
Full-Year 2010 Financial Highlights
· $2,514 million of adjusted EBITDA, second best result ever
· $1,760 million of adjusted cash from operating activities
· $476 million of net income and $1.84 per diluted common share
· $180 million of common stock, or 8.5 million shares, repurchased
Fourth Quarter 2010 Financial Highlights
· $444 million of adjusted EBITDA
· $200 million pre-payment of debt on the Term Loan B Facility
· $4,252 million of liquidity, including $2,959 million in cash, at year end
Announcing 2011 Capital Allocation Plan and Reaffirming 2011 EBITDA Guidance
· Launching 2011 Capital Allocation Plan at $180 million of share repurchases, in line with our goal to return to shareholders 3% of market capitalization annually
· Reaffirming 2011 EBITDA guidance range of $1,750 - $1,950 million
PRINCETON, NJ; February 22, 2011NRG Energy, Inc. (NYSE: NRG) today reported 2010 full year adjusted EBITDA of $2,514 million; 4% lower than a record 2009 EBITDA of $2,618 million while 2010 full year net income totaled $476 million, or $1.84 per diluted common share, compared to $941 million, or $3.44 per diluted common share, for 2009. Reliant Energy contributed $711 million of adjusted EBITDA in 2010 which marked its first full year of ownership as compared to $642 million in 2009 during which NRG owned Reliant Energy for eight months. Wholesale adjusted EBITDA was lower by $173 million in 2010 as compared to 2009, mostly due to lower hedge prices and increased fuel costs in the Northeast and Texas regions, respectively. Partially offsetting the decline were contributions from newly acquired assets including Green Mountain Energy Company, Cottonwood, Northwind Phoenix, and South Trent as well as a full year of operation of the Blythe solar project.
Fourth quarter 2010 adjusted EBITDA totaled $444 million, $45 million lower than 2009 fourth quarter adjusted EBITDA of $489 million, while fourth quarter 2010 reflects a net loss of $15 million, or ($0.07) per diluted common share, compared to net income of $33 million, or $0.11 per diluted common share, for the fourth quarter last year. Wholesale adjusted EBITDA was $58 million lower at $327 million driven by a decline in energy margins resulting from lower hedge prices and increased fuel costs. Partially offsetting the lower wholesale results were the acquisition of assets and a $13 million increase at Reliant Energy which benefited from an improvement in customer retention and customer payment patterns.
In 2010, NRG was able to post near record results while successfully repositioning the Company to take advantage of the enormous opportunities which we expect to arise in the months and years to come as the electricity and transportation sectors, and society at large, trend toward sustainability, commented David Crane, NRG President and Chief Executive Officer. NRGs acquisition of Green Mountain Energy and South Trent Wind, and the considerable success we have had in advancing our solar development pipeline will over time enhance our financial performance, reduce our environmental exposure, and establish NRG as the premier new energy company for the 21st century.
The following information was filed by Nrg Energy, Inc. (NRG) on Tuesday, February 22, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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