Calpine (CPN), a wholesale power producer, Friday said it swung to net income in Q4 ended December 31, driven by increased operating revenues and unrealized gains on power hedges. It also reiterated its financial assumptions for 2015.
Net income attributable to shareholders was $210 million, or $0.54 per diluted share, compared to a net loss of $97 million, or $0.23 per diluted share, in the same period last year. Excluding special items, the firm had a net loss of $50 million versus adjusted net income of $21 million in 2013. Adjusted net loss on a per diluted share basis wasn’t provided, which would have been comparable to the Capital IQ consensus of a net loss of $0.11 per diluted share.
Operating revenues for the quarter rose to 1.9 billion from last year’s $1.4 billion, in line with the mean estimate provided by Capital IQ.
For 2015, the company is targeting GAAP net income of $295 million to $495 million. Adjusted EBITDA is seen at $1.90 to $2.1 billion and earnings are projected in a range of $2.10 to $2.60 per share.
The stock slipped at closing on Thursday to $21.39, slightly below the midpoint of its 52-week range of $18.77 - $24.37.
