Calpine Posts 1Q Profit, Beats Street Expectations

HOUSTON (AP) — Power producer Calpine Corp. on Friday posted a first-quarter profit that exceeded Wall Street expectations as hedging gains and lower costs boosted net income.

The company reported earnings of $32 million, or 7 cents per share, compared with a loss of $214 million, or 44 cents per share, during the first-quarter of 2008, when the company's results were hard hit by its restructuring and emergence from bankruptcy protection.

Analysts polled by Thomson Reuters estimated a loss of 11 cents per share, on average. Analysts typically exclude one-time items.

Revenue slid 14 percent to $1.68 billion, down from $2 billion in the prior-year period. Analysts forecast an average revenue of $1.34 billion.

The company reaffirmed its full-year adjusted earnings before interest, taxes, depreciation and amortization between $1.6 billion and $1.7 billion.

Shares of the company closed at $9.49 on Thursday.