NRG Energy misses revenue estimates
NEW YORK, Nov 2 (Reuters) - NRG Energy on Thursday missed Wall Street estimates for third-quarter revenues and reported lower contributions from its home services business and one of its power plants to its profits.
The Houston Texas-based energy and home services company reported $7.95 billion in quarterly revenue, down 6.6% from the same period a year ago. Analysts on average had expected the company to report $10.95 billion in revenue for the quarter, according to LSEG data.
The company said its net income for the quarter was $343 million, up from $67 million a year ago, aided by lower retail supply costs in Texas and property damage insurance recoveries. The increase was partially offset by lower contributions from its services business and its power plant at Cottonwood.
The company's profit available for common stockholders jumped to $326 million, or $1.42 per share, in the quarter ended Sept. 30, from $67 million, or $0.29 per share, a year ago. (Reporting by Nicole Jao Editing by Tomasz Janowski)
