Spark Energy, Inc. Reports Record Adjusted EBITDA

Spark Energy, Inc. reported that for the quarter ended June 30, 2017, the company posted record Adjusted EBITDA of $20.0 million compared to Adjusted EBITDA of $15.7 million for the quarter ended June 30, 2016.

This increase of $4.3 million is primarily attributable to increased volumes from the Provider Power acquisition and lower per-RCE general and administrative expenses.

For the quarter ended June 30, 2017, Spark reported Retail Gross Margin of $43.1 million compared to Retail Gross Margin of $38.8 million for the quarter ended June 30, 2016. This increase of $4.3 million is primarily attributable to the increased volumes of retail electricity following the Provider acquisition.

Net income for the quarter ended June 30, 2017 was $4.7 million compared to net income of $19.0 million for the quarter ended June 30, 2016, primarily due to non-cash losses on Spark's hedge portfolio of $(5.7) million in the second quarter, compared to non-cash gains of $14.3 million in the prior year.

During the second quarter, total RCE count increased 2% to a record 826,000 as of June 30, 2017.

After the close of the quarter, Spark closed on the previously reported acquisition of Verde Energy

With the close of the Verde Energy acquisition, Spark now serves, "well over nine hundred thousand RCEs in 94 utilities across 19 states."