Monday, electricity and energy services provider RI Energy, Inc. (RRI) reported an increase in second-quarter earnings from last year, reflecting higher income from discontinued operations. Revenues, however, fell sharply as a result of depressed commodity prices and weak economic conditions.
The Houston, Texas-based RI Energy's second-quarter net income increased to $803.57million or $2.29 per share, from $358.69 million or $1.01 per share in the prior-year period.
The reported results for the quarter included net unrealized gains from energy derivatives of $7 million, compared to $68 million in the same period last year.
On average, twelve analysts polled by Thomson Reuters expected the company to post a loss of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
RI Energy posted a loss from continuing operations before income taxes of $185 million for the quarter, compared to income of $144 million for the same period last year. For the quarter, the company recorded income from discontinued operations of $907.26 million, compared to $276.71 million a year ago.
Quarterly revenues plunged to $389.78 million from $1.014 billion in the prior year period. Wall Street estimated revenues of $359.28 million.
RI Energy noted that second-quarter financial results reflect depressed commodity prices and weak economic conditions.
Net income for the first half was $652.15 million or $1.86 per share, down from $735.90 million or $2.08 per share in the comparable period last year.
The company generated revenues of $855.96 million for the first six months, down from $1.893 million in the corresponding period a year ago.
Mark Jacobs, president and chief executive officer of RRI Energy, said, "We have taken steps to manage the challenges of the difficult economic environment and position us to benefit as market conditions improve."
RRI is trading at $5.53, up $0.23 or 4.34% on NYSE.
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