RRI Energy Posts 1Q Loss On Lower Prices

HOUSTON (AP) — Energy provider RRI Energy Inc. on Monday posted a first-quarter loss, driven by lower commodity prices, and predicted a 42 percent decrease in its full-year earnings before interest, taxes, depreciation and amortization.

RRI Energy was recently renamed from Reliant Energy Inc. following the sale of the company's Texas retail business to NRG Energy Inc. earlier this month.

The Houston-based company reported a net loss of $151.4 million, or 43 cents per share, compared with earnings of $377.2 million, or $1.07 per share, in the same period last year. The latest results include a one-time $44 million loss from energy derivatives.

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

Revenue tumbled 47 percent to $466.2 million, down from $879.8 million last year. Analysts forecast an average revenue of $487.1 million.

RRI said it expects a 42 percent decline in its full-year 2008 EBITDA to $313 million, compared to $539 million in 2008. Results should rebound slightly in 2010 to $435 million.

Shares of the company slid 15 cents to $5.30 in premarket trading.