Calpine 2Q loss narrows on easy comparisons

Calpine posts smaller 2nd-qtr loss as prior-year charges disappear

Associated Press

HOUSTON (AP) -- Calpine Corp.'s second-quarter loss narrowed significantly on easy comparisons to last year, when its results were weighed down by hefty charges.

The independent power producer on Thursday posted a loss of $70 million, or 16 cents per share, for the quarter that ended June 30. That compares with a loss of $329 million, or 69 cents per share, a year earlier.

Excluding one-time items, the company its loss was $33 million, but didn't give a per-share figure. That compared with an adjusted profit of $14 million a year ago.

Revenue jumped 79 percent to $1.57 billion from $879 million.

Calpine attributed the decline in its adjusted results to lower commodity margins that stemmed from changes in the company's portfolio, milder weather and lower power generation.

Calpine backed its previous full-year profit prediction of $1.50 per share. Analysts expect 54 cents per share.

Calpine shares fell 55 cents, or 3 percent, to $19.57 in midday trading.

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