UPDATE: Calpine Posts Higher Q3 Profit

Calpine

reported a strong rise in its third-quarter profit and narrowed its forecast for the year. The Houston, Texas-based company posted a quarterly profit of $614 million, or $1.52 per share, versus a year-ago profit of $306 million, or $0.70 per share. On an adjusted basis, Calpine's earnings rose to $306 million, from $268 million. Its operating revenue gained 6.7% to $2.19 billion. However, analysts were expecting a profit of $0.55 per share on revenue of $1.85 billion. Total operating expenses climbed 16% to $1.7 billion. “Calpine delivered another strong quarter both operationally and commercially, especially considering the mild summer weather in much of the country,” said Thad Hill, Calpine's President and Chief Executive Officer. The company now expects full-year adjusted EBITDA of $1.92 billion to $1.97 million, versus its earlier forecast of $1.9 billion to $2 billion. For 2015, the company projects adjusted EBITDA of $1.9 billion to $2.1 billion, versus analysts' estimates of $2.04 billion. Calpine shares rose 2.79% to close at $23.93 yesterday.