Calpine Corporation (CPN), a wholesale power generation company, Thursday reported a wider loss for the first quarter, driven primarily by lower Commodity Margin, largely as a result of changes in the company's portfolio, a move towards seasonal hedging in 2013 compared to annual hedging in 2012 and lower generation due to the reversal of coal-to-gas switching that occurred during the first quarter of 2012.
For the three-month period, the company reported a net loss of $125 million or $0.10 per share, compared with a loss of $9 million or $0.02 per share during the same period prior year.
The firm reported adjusted net loss of $70 million for the quarter. Adjusted EBITDA for the quarter was $286 million compared with $325 million during the same period prior year.
On average, nine analysts polled by Thomson Reuters expected loss per share of $0.12 for the quarter. Analysts' estimates typically exclude one-time items.
The company reported operating revenues of $1.24 billion compared to $1.23 billion reported during the comparable period last year. The Street expected the firm to report $1.08 billion for the quarter.
For comments and feedback: editorial@rttnews.com