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Spark Energy Reports "Record" Results on Consistently Strong Unit Margins
Spark Energy, Inc. reported "record" first quarter results, as the company continued to achieve enhanced margins in both its retail electricity and retail natural gas segments while producing improvements in attrition.
For the first quarter of 2016, Spark Energy Adjusted EBITDA was $21.1 million and Retail Gross Margin was $39.6 million, compared to Adjusted EBITDA of $10.2 million and Retail Gross Margin of $27.9 million for the first quarter of 2015.
Spark reported, "consistently strong unit margins across both retail natural gas and electricity segments," as well as a reduction in RCE attrition to 4.3%
The increase of $10.9 million in Adjusted EBITDA is primarily attributable to increased Retail Gross Margin in the electricity and natural gas segments and decreased customer acquisition costs, partially offset by increased general and administrative expenses due to its increased RCE count following the Oasis and CenStar acquisitions in the third quarter of last year.
For the quarter ended March 31, 2016, Spark reported Retail Gross Margin of $39.6 million compared to Retail Gross Margin of $27.9 million for the quarter ended March 31, 2015. This increase of $11.7 million is primarily attributable to expanded natural gas unit margins and increased retail electricity volumes. Favorable supply costs across several of our markets were a key driver of these elevated unit margins in the first quarter, the company said
Net income for the quarter ended March 31, 2016 was $15.7 million compared to net income of $12.9 million for the quarter ended March 31, 2015.
As reported in our related story today, Spark Energy also announced the acquisition of Major Energy and Provider Power:
Spark Energy Acquires Multiple Retail Suppliers Encompassing 335,000 RCEs; CEO Hopes More Acquisitions To Be Done
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May 5, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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