Calpine Q2 Profit Falls

(RTTNews) - Calpine Corp. (CPN) reported that its net income for the second quarter of 2015 fell to $19 million, or $0.05 per share, from $139 million, or $0.33 per share, in the prior year period.

Net Income, As Adjusted, for the second quarter of 2015 was $33 million compared to Net Loss, As Adjusted, of $3 million in the prior year period. It was primarily due to higher Commodity Margin driven largely by increased generation across all segments resulting from lower natural gas prices in the East and Texas and stronger market conditions in the West during June, as well as higher contribution from hedges across all of our regions.

Operating revenues declined to $1.442 billion from $1.939 billion last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share and revenues of $1.45 billion. Analysts' estimates typically exclude special items.

It expects Adjusted EBITDA of $1.95 billion to $2.05 billion, Adjusted Free Cash Flow of $840 million to $940 million and Adjusted Free Cash Flow Per Share of $2.20 to $2.50 for fiscal 2015.