Dynegy 1Q loss narrows to $142M
HOUSTON (AP) — Dynegy Inc. said Thursday that its first-quarter loss narrowed, helped by a stronger natural gas market and lower fuel costs.
The Houston company, which produces power that it sells through wholesale markets, posted a net loss of $142 million, or $1.42 per share, compared with a loss of $1.08 billion in the year ago period.
The company did not provide per-share figures for the year-ago quarter because of fresh-start accounting that it adopted after emerging from bankruptcy protection last fall.
Several Dynegy subsidiaries filed for bankruptcy protection 2011 and the parent company followed the next year. Dynegy later merged with one of the subsidiaries.
Revenue increased 19 percent to $318 million in the recent quarter.
Dynegy said its natural gas business got a boost from stronger demand and lower fuel costs, while profitability at its coal business was hurt by transmission congestion.
Dynegy shares fell 69 cents, or 2.8 percent, to $23.67 in afternoon trading.