Mirant Corp. (MIR) reported third-quarter income from continuing operations of $55 million, compared to income of $1.607 billion for the same period in 2008. Earnings from continuing operations for the third quarter were $0.38 per share, compared to $8.69 per share for the third quarter of 2008. Results for 2009 included unrealized losses, principally on hedges, of $174 million compared to unrealized gains, again principally on hedges, of $1.395 billion for 2008.
Adjusted income from continuing operations for the quarter was $238 million or $1.63 per share, compared to $216 million or $1.17 per share in nthe year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.16 per share for the quarter. Analysts' estimates typically exclude special items.
Mirant reduced its 2009 adjusted EBITDA guidance from $873 million to $860 million and increased its 2010 adjusted EBITDA guidance from $570 million to $617 million.
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