Calpine Posts Fourth-Quarter Loss on Charges

HOUSTON -- The power producer Calpine (CPN Quote) on Friday posted a fourth-quarter loss, driven by nonrecurring charges related to reorganization, inventory hedging losses, discontinued operations and income taxes.

Calpine said it lost $109 million, or 23 cents per share, in the last three months of 2008 compared with a loss of $142 million, or 30 cents per share during the prior year period.

Excluding nonrecurring items, the net loss for the quarter totaled $146 million.

Analysts polled by Thomson Reuters estimated a loss of 12 cents per share, on average. Analysts typically exclude one-time items.

Revenue rose 2% to $1.97 billion from $1.92 billion a year earlier. Analysts expected higher revenue of $2.48 billion.

For the full year, the company earned $10 million, or 2 cents per share, compared with $2.69 billion, or $5.62 per share in 2007. Revenue rose 25% to $9.94 billion from $7.97 billion.

Calpine estimated 2009 adjusted earnings before interest, taxes, depreciation and amortization to range between $1.6 billion and $1.7 billion, which is in line with the company's 2008 level.

Calpine delivers power to customers in 16 states in the United States and in Canada.