NRG Energy NRG reported weaker-than-expected third-quarter earnings and cut its forecast for the year. However, the company reported strong quarterly revenue.
The company now expects full-year EBITDA of $3.1 billion to $3.2 billion, versus its earlier forecast of $3.2 billion to $3.4 billion.
The Princeton, New Jersey-based company reported a quarterly profit of $168 million, or $0.48 per share, versus a year-ago profit of $119 million, or $0.36 per share.
Its operating revenue climbed 31% to $4.57 billion. However, analysts were expecting earnings of $0.52 per share on revenue of $3.46 billion.
Its operating costs and expenses rose 36% to $4.02 billion in the quarter.
As of September 30, 2014, total liquidity was $3,594 million, a drop of $101 million compared to December 31, 2013.
“While NRG's financial performance was constrained in the third quarter by an absence of summer weather events, NRG's underlying performance across our wholesale and retail operations was quite strong,” said NRG's President and Chief Executive Officer David Crane. "I am confident that we are well positioned for a more robust financial outcome in 2015."
NRG Energy shares fell 1.61% to close at $29.94 yesterday.
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