Electricity producer Mirant Corp. (MIR) reported Friday a profit in the second quarter, reflecting chiefly much heavier unrealized losses on hedges in the corresponding quarter of fiscal 2008.
For the second quarter, net income was $163 million or $1.12 per share, compared with a net loss of $783 million or $3.90 per share in the previous year. Average common shares reduced to 145 million from 201 million. Loss from continuing operations was $832 million or $4.14 a share in the year-ago quarter.
The results of the latest quarter included unrealized losses primarily on hedges of $14 million. The prior-year results included unrealized losses $874 million. Adjusted income from continuing operations were $131 million or $0.90 per share. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share in the second quarter. Analysts' estimates typically exclude special items.
For the first half of fiscal 2009, net income was $543 million or $3.74 a share, compared to loss of $935 million or $4.47 a share last year. Loss from continuing operations was $986 million or $4.72 per share in the prior-year period. Adjusted income from continuing operations increased to $246 million or $1.70 a share from $224 million or $0.97 a share.
MIR is currently trading at $17.85, down $0.59 or 3.20%, on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.