posted a fall in third-quarter profit, hurt by weak wholesale power earnings and costs related to its spinoff from parent
The Houston-based company posted profit of $58 million, or 20 cents a share, down from $214 million, or 71 cents a share, a year earlier. This year's figures include $153 million in charges related to the spinoff -- which was completed in September -- and to the deregulation of the Texas power market.
The company also said a review of its trading business uncovered four natural-gas swap deals that shouldn't have been recorded. The deals lowered income by about $13 million in 2000, and increased it by the same amount in 2001, Reliant said. The review was sparked by various government probes.
The company also lowered its 2002 full-year earnings estimate to a range of $1.45 to $1.55 a share. The earlier forecast had called for earnings between $1.80 and $2.00 a share.