Dynegy Reports Q1 Net Loss of $152 Million
Posted on: Friday, 9 May 2008, 09:00 CDT
Dynegy, which is engaged in the production and sale of electric energy, has reported a net loss of $152 million, or $0.18 per diluted share, for the first quarter of 2008, compared to net income of $14 million, or $0.03 per diluted share, for the same period of 2007.
The first quarter 2008 net loss was primarily driven by mark-to-market losses of $284 million, compared to mark-to-market losses of $23 million in the first quarter of 2007.
The company reported adjusted EBITDA of $238 million for the first quarter of 2008, compared to $181 million for the same period of 2007. In addition, the company announced adjusted cash flow from operations of $165 million for the first quarter of 2008, compared to $37 million for the same quarter of 2007.
Bruce Williamson, chairman, president and CEO of Dynegy, said: "Dynegy's operating results during the first quarter demonstrated the value of a larger and more diverse power generation portfolio. Our fleet produced higher volumes period-over-period in a more cost-effective manner, which validates our strategy of increasing scale and scope without proportionate increases in costs."
Source: Datamonitor
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