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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