Calpine

(CPN)

said Thursday it expects its financial results for 2001 to surpass previous expectations.

The energy company said it expects to post earnings of 20 cents to 25 cents for the first quarter. Six analysts polled by

Thomson Financial/First Call

were expecting earnings of 13 cents. In the year-ago period the company earned 7 cents a share.

Shares of Calpine, which is based in San Jose, Calif., rose 36 cents, or 0.68%, to $53.24 in recent

Nasdaq

trading.

Calpine said it now expects to earn about $645 million, or $1.80 a share for the year, up from the previous estimate of $1.50 a share. Analysts were looking for earnings of $1.52 for the year. Calpine earned $324.7 million, or $1.11 a share, in the equivalent period last year.

The company said it expects to earn between 20 cents and 25 cents for the second quarter, with earnings of 85 cents to 90 cents in the third quarter and 40 cents to 45 cents in the final period. Wall Street was expecting 28 cents in the second quarter, 68 cents in the third quarter and 41 cents in the fourth quarter.

"This increase reflects Calpine's accelerated growth in the U.S. power industry," the company said in a statement. "With our recent announcement of our plans to acquire

Encal Energy

(ECA) - Get Report

, our current expectations for 13 new energy facilities to enter commercial operations this year and a robust energy environment, we are looking forward to another strong year for Calpine.''