Calpine narrows 4Q loss
Despite lower revenue due to sharply lower commodity prices and power generation nationwide, Calpine Corp. on Thursday said it had reduced its losses in the fourth quarter of 2009 compared to the year-earlier period.
Houston-based Calpine (NYSE: CPN) reported a net loss of $43 million, or 9 cents a share, for the three months ended Dec. 31, compared to a net loss of $109 million, or 22 cents a share, for the year-earlier period. Revenue in the latest period was $1.57 billion, compared to nearly $2 billion in the fourth quarter of 2008.
Analysts on average had estimated a loss of 2 cents a share.
For the full year, the company reported net income of $149 million, or 31 cents a share, on revenue of $6.5 billion, compared to net income of $10 million, or 2 cents a share, on much higher revenue of $10 billion in 2008 cash advance payday loan.
“Looking ahead to 2010, we are reaffirming our Adjusted EBITDA guidance of $1.5 to $1.6 billion and our adjusted free cash flow guidance of $400 to $500 million,” said Jack Fusco, Calpine president and chief executive. “I am pleased that our proactive hedging efforts have substantially mitigated our exposure to natural gas price risk in 2010, allowing us to continue to focus on excellence in operations, customer-focused origination and disciplined strategic growth.”
Filed under: finance by Finance Boss