Calpine Corporation (CPN) Tops Q3 EPS by 4c

October 28, 2016 6:12 AM EDT
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Calpine Corporation (NYSE: CPN) reported Q3 EPS of $0.83, $0.04 better than the analyst estimate of $0.79. Revenue for the quarter came in at $2.36 billion versus the consensus estimate of $1.78 billion.

Adjusted EBITDA for the third quarter was $632 million compared to $791 million in the prior year period, and Adjusted Free Cash Flow2 was $383 million compared to $576 million in the prior year period. The decreases in Adjusted EBITDA and Adjusted Free Cash Flow were primarily due to lower Commodity Margin2, largely driven by lower energy margins due to decreased contribution from hedges. Net Income, As Adjusted2, for the third quarter of 2016 was $186 million compared to $347 million in the prior year period. The decrease in Net Income, As Adjusted, was primarily due to lower commodity revenue, net of commodity expense, as previously discussed.

Narrowing 2016 Guidance and Providing 2017 Full Year Guidance (in millions):

2016 2017
Adjusted EBITDA $1,800 - 1,850 $1,800 - 1,950
Adjusted Free Cash Flow $710 - 760 $710 - 860

For earnings history and earnings-related data on Calpine Corporation (CPN) click here.



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