NRG reported net income of $621 million for the second quarter of 2011 compared to $210 million for the same quarter last year. Adjusted EBITDA was $517 million and cash flow from operations came in at $93 million.
The company's 200MW Middletown peaker project, a 50:50 joint venture with The United Illuminating Company, entered into commercial operations in June. The company will be executing solar rooftop generation projects and renewable energy projects in the future. NRG repurchased $130 million worth shares during the first quarter of 2011 and intends to complete the remaining $300 million of share repurchase by the year end.The company has raised full-year 2011 adjusted EBITDA guidance to range from $1.9 to $2 billion. Analysts surveyed by Bloomberg project 31% upside over the next one year with 50% buy ratings.
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