Calpine Corp. (CPN), an utility company with natural gas-fired and geothermal power plants, Friday reported a profit for the second quarter, compared with loss last year, on the back of significant growth in revenue. The company also reaffirmed its annual earnings outlook.
For the three months to June, the company reported net profit of $139 million or $0.33 per share, compared with a loss of $70 million or $0.16 per share a year earlier.
"Our strong second quarter results reflect ongoing portfolio management, effective hedging and operational excellence," said Thad Hill, CEO of Calpine.
On average, seven analysts polled by Thomson-Reuters estimated the company's loss to be $0.02 for the quarter. Analysts' estimates typically exclude one-time items.
Adjusted EBITDA totaled $413 million, compared with $343 million in the same period last year.
Quarterly operating revenues rose to $1.94 billion, from $1.57 billion last year, above the $1.40 billion Wall Street expected.
For the full-year, the company expects earnings of $1.85 to $2.10 per share.
by RTT Staff Writer
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