(RTTNews) - Thursday, RRI Energy Inc. (RRI: News ), an electricity provider, reported a narrower loss in third quarter compared to the year ago period.

RRI Energy's net loss narrowed to $15.43 million or $0.04 per share from $1.04 billion or $2.93 per share in the prior year quarter.

Loss from continuing operations was $18.27 million or $0.05 per share, compared to profit of $93.58 million or $0.26 per share in the same quarter last year.

On average, nine analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues declined to $507.18 million from $959.86 million last year. Analysts expected revenues of $382.30 million for the quarter.

The company's total gross margin was $267 million, down from $401 million in the year ago period.
For the current quarter, operating expense was $472.48 million, down from $736.71 million last year. Operating income declined to $34.69 million from $223.14 million in the comparable quarter last year.

For the nine months, net income was $636.72 million or $1.81 per share compared with a loss of $302.02 million or $0.87 per share in the prior year. Loss from continuing operations was $227.74 million or $0.65 per share from an income of $188.49 million or $0.54 per share in the previous year. Year-to-date revenue was down to $1.36 billion from $2.85 billion last year.

RRI is currently trading at $5.34, up $0.11 or 2.10% on a volume of 3.21 million on the NYSE.

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by RTT Staff Writer

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