NRG Energy Inc. on Aug. 7 reported adjusted EBITDA of $469 million in the 2019 second quarter, down from $517 million in the same quarter of 2018.
The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the quarter was $467.8 million.
Second-quarter cash provided by continuing operations was $516 million, climbing from $18 million in the prior-year period. Free cash flow before growth investments also improved year over year to $230 million from $174 million.
Operating revenues totaled $2.47 billion, compared to $2.46 billion in the same period of 2018. Operating income improved to $320 million from $174 million a year ago.
NRG posted second-quarter net income attributable to the company of $201 million, or 75 cents per share, compared to $72 million, or 23 cents per share, a year earlier.
The company reaffirmed its 2019 guidance range of $1.85 billion to $2.05 billion for adjusted EBITDA, $1.41 billion to $1.61 billion for adjusted cash from operations and $1.25 billion to $1.45 billion for free cash flow before growth investments.
NRG also announced an incremental $250 million share repurchase program, which is expected to be executed this year. Through Aug. 7, the company said it has completed $1.25 billion in share repurchases at an average price of $38.80 per share.
In total, the company has allocated $1.5 billion of capital available for allocation to share repurchases in 2019.