HOUSTON – Power generator Calpine Corp. reported Friday that its first-quarter loss widened sharply on hedging losses and debt-reduction expenses.
Calpine reported a net loss of $297 million, or 61 cents per share, for the three months ended March 31 compared with a net loss of $47 million, or 10 cents per share, a year earlier.
Excluding the items for unrealized losses on derivatives and debt extinguishment, the company would have lost $110 million, or 23 cents per share. Analysts surveyed by FactSet expected an adjusted loss of 10 cents per share.
Revenue dipped to $1.50 billion from $1.51 billion a year ago. Analysts expected $1.34 billion.
The company said during the quarter it raised money from assets, refinanced $1.3 billion in debt at a lower rate, and improved operations at power plants that faltered during a winter cold spell in Texas.
Houston-based Calpine operates natural gas and geothermal power plants.