UPDATE 1-NRG Energy reports income growth on lower costs
(Recasts first paragraph to reflect jump in profit, closing share price; adds sale of Texas nuclear plant detail in paragraph 6)
By Nicole Jao
NEW YORK, Nov 2 (Reuters) - NRG Energy on Thursday reported significantly higher third-quarter profit, helped by lower retail supply costs and insurance payouts, and its shares closed 3% higher.
The company reported net income for the quarter of $343 million, up from $67 million a year ago.
Lower retail supply costs in Texas and property damage insurance recoveries contributed to the third-quarter earnings, which were somewhat offset by lower contributions from its services business and its power plant at Cottonwood.
The Houston Texas-based energy and home services company raised its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) forecast to the range of $3,150 to $3,300 from $3,010 to $3,250.
The company reported $7.95 billion in quarterly revenue, down 6.6% from the same period a year ago. Two analysts polled by LSEG had estimated the company's revenue would be around $10.95 billion.
On Wednesday, NRG said it completed the sale of its 44% stake in the South Texas Project Electric Generating Station, a 2,645 megawatt nuclear facility, to Constellation Energy for $1.75 billion.
The company's profit available for common stockholders jumped to $326 million, or $1.42 per share, for the quarter ended Sept. 30, from $67 million, or $0.29 per share, a year ago.
NRG shares ended trading on Thursday up $1.27, or 2.9% at $45.13.
(Reporting by Nicole Jao Editing by Tomasz Janowski)
