Calpine Posts Narrower Loss In Q1, Revenue Up 41.2%; Reaffirms Guidance

(RTTNews) - Calpine Corp. (CPN) reported a net loss of $56 million, or $0.16 per share, for the first quarter of 2017 compared to a loss of $198 million, or $0.56 per share, in the prior year period. The company said the period-over-period decrease in loss was primarily due to the favorable variance in net mark-to-market activities driven by changes in forward commodity prices and the positive effect of retail hedging activities.

Net loss, as adjusted, for the first quarter of 2017 was $114 million compared to a loss of $104 million in the prior year period. The company said the increase in net loss, as adjusted, was primarily due to lower Commodity Margin as well as increases in plant operating expense and depreciation and amortization expense primarily due to retail acquisitions, partially offset by a higher income tax benefit resulting primarily from changes in estimated tax benefits and a favorable adjustment to reserve for uncertain tax positions. Adjusted EBITDA for the first quarter of 2017 was $326 million compared to $374 million in the prior year period.

First-quarter operating revenues increased to $2.28 billion from $1.62 billion, prior year.

Thad Hill, Calpine's CEO, said: "We are reaffirming our full year guidance range of $1.8 to $1.95 billion of Adjusted EBITDA, given upside in the back half of the year from our retail acquisitions and higher regulatory capacity payments in the East."