Dynegy Inc. (NASDAQ:DYN) reported its results for the first quarter. Dynegy, Inc. is an holding company conducts substantially all of its business operations through its subsidiaries. Its business is the production and sale of electric energy, capacity and ancillary services.
Dynegy Earnings Cheat Sheet for the First Quarter
Results: The company posted a loss of $77 million (64 cents per share) vs. net income of $145 million or $120 cents per share in the year earlier quarter.
Revenue: Revenue fell to $505 million from $858 million a year ago.
Actual vs. Wall St. Expectations: DYN fell short of the mean analyst estimate of a loss of 38 cents/share. Estimates ranged from a loss of 23 cents per share to a loss of 52 cents per share.
Quoting Management: “While recognizing the current challenging market conditions, Dynegy’s leadership is committed to moving forward with necessary changes that we believe will lead to long-term value for Dynegy stockholders,” said E. Hunter Harrison, interim President and Chief Executive Officer of Dynegy Inc. “Our Board’s Finance and Restructuring Committee is also undertaking a comprehensive review of Dynegy’s various restructuring alternatives with the assistance of outside advisers. The end goal is the creation of a sustainable power generation business that will be in position to benefit from future improvements in the power markets. At the same time, we have sharpened our focus on essential business activities, and are committed to being an efficient, low-cost provider of electricity, while maintaining high standards in terms of safety and reliability.”
Competitors to Watch: Calpine Corporation (NYSE:CPN), NRG Energy, Inc. (NYSE:NRG), Constellation Energy Group, Inc. (NYSE:CEG), Genon Energy Inc (NYSE:GEN), The AES Corporation (NYSE:AES), Atlantic Power Corporation (ATP), ALLETE, Inc. (NYSE:ALE), The Southern Company (NYSE:SO), Integrys Energy Group, Inc. (NYSE:TEG), and CenterPoint Energy, Inc. (NYSE:CNP)
Stock Performance: Shares of DYN closed down 1.87% at $6.29 per share from the previous close.