NRG Energy Net Income Hurt By Fuel Costs
PRINCETON, N.J. (TheStreet) -- NRG Energy (NRG) - Get Report reported a decline in third-quarter net income largely caused by greater fuel costs, which led to lower margins.
The wholesale power generation company said income before taxes fell by about 30% to $312 million in the third quarter, from $444 million a year ago.
Net income for the quarter fell by about 20% to $223 million, or 87 cents a share, from $278 million, or $1.02 a share in the year-ago quarter. The consensus earnings estimate for the quarter was 93 cents a share.
Total operating revenue declined by about 8% to $2.69 billion from $2.92 billion the previous year. On average, analysts were expecting revenue of $3.03 billion in the quarter.
NRG said it has repurchased $130 million shares through an accelerated share repurchase program with the purchase of about 6.2 million shares at $20.80 a share on average.
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