Calpine Misses, Guides Lower

Calpine (CPN Quote) shares fell Thursday, after the giant power producer posted a fourth-quarter profit driven by accounting changes and asset sales.

The San Jose, Calif.-based company, which canceled a $2.3 billion debt offering earlier this week, had net income of $119.6 million, or 29 cents a share, vs. a loss of $25.2 million, or 7 cents a share, a year ago. Revenue rose to $1.92 billion from $1.87 billion in the year-ago period. Operating cash flow fell 57% to $114.8 million.

Income before the effects of discontinued operations and accounting changes was a loss of 15 cents a share. Analysts were expecting a loss of 11 cents a share, according to Thomson One Analytics, ...