Electricity generator

Mirant

(MIR)

swung into profit in the third quarter, beating analysts' expectations, but cut its outlook for 2009 and 2010.

Despite revised outlook, shares of the company soared 12% to $16.45 in morning trading.

During the quarter, the company earned $380 million, or $2.62 a share, compared with a loss of $152 million, or 70 cents, in the year-ago period.

Excluding unrealized gains, earnings were 79 cents. Analysts expected incomes of 55 cents a share.

Mirant now expects 2009 earnings of $873 million, down from previous guidance of $897 million. In 2010, the company forecasts profit of $609 million from previous expectations of $667.

The company also said three of its top executives -- Robert M. Edgell, chief operating officer; James V. Iaco, chief financial officer; and S. Linn Williams, general counsel -- plan to retire on May 31.

Edgell's responsibilities will be divided among a number of senior vice presidents. Edward R. Muller will remain chairman and chief executive officer. Mirant named J. William Holden III the chief financial officer. He currently serves as treasurer of the company.

Last week utilities provider

Southern

(SO) - Get Report

said first-quarter earnings tanked 65%, as more consumers conserve electricity to save money.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.