Mirant Posts 1Q Profit Against Year-earlier Loss

ATLANTA (AP) — Energy provider Mirant Corp. reported Friday that it recorded a net profit of $380 million in the first quarter, bouncing back from a loss of $152 million in the year-earlier period. The company also announced senior management changes.

The profit for the three months ended March 31 was equivalent to $2.62 a share, while the year-earlier loss was equal to 70 cents a share.

Results for 2009 include unrealized gains, principally on hedges, of $254 million, compared with unrealized losses of $303 million for 2008.

Adjusted income from continuing operations in the quarter was 79 cents a share. Analysts surveyed by Thomson Reuters, on average, were expecting a profit of 57 cents a share in the quarter. Analysts generally exclude one-time items from their estimates.

The company said it was lowering its 2009 adjusted earnings before interest, taxes, depreciation and amortization guidance from $897 million to $873 million and its 2010 adjusted EBITDA guidance from $667 million to $609 million.

As of March 31, the company had cash and cash equivalents of $1.91 billion, of which $424 million was restricted at Mirant North America and its subsidiaries and not available for distribution to Mirant.