Mirant (NYSE: MIR) Reports 97 Percent Drop in 3Q Profit
Rochester, NY 11/07/2009 02:35 PM GMT (TransWorldNews)
Mirant Corp. (NYSE: MIR) on Friday posted a 97 percent plunge in its third-quarter profit, driven mainly by one-time hedging losses, according to Associated Press.
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The company lowered its 2009 adjusted earnings before interest, taxes, depreciation and amortization.
Significantly low prices for commodities, including electricity, also challenged results for the Atlanta-based electric utility.
Quarterly earnings fell to $55 million, or 38 cents per share, compared with $1.61 billion, or $8.69 per share, during the same period last year.
Results include hedging losses along with other special items. Excluding one-time items, adjusted income from continuing operations amounted to $1.63 per share, exceeding analyst expectations.
Analysts surveyed by Thomson Reuters estimated a profit of $1.16 per share, on average. Analysts typically exclude one-time items.
Revenue fell 79 percent to $454 million, down from $2.17 billion in the prior-year period. Analysts forecast an average revenue of $734.3 million.
Mirant cut its 2009 EBITDA estimate to $860 million, down from $873 million. The company raised its 2010 EBITDA estimate to $617 million from $570 million.
Shares of the company fell 56 cents, or 3.8 percent, to $14.15 at Friday’s close.
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