Boston, MA 05\/08\/2014 (wallstreetpr) \u2013\u00a0Dynegy Inc. (NYSE:DYN)<\/b> posted its first quarter financial results Wednesday, where the power generating company noted that higher prices coupled with stronger margins at its gas-based plants have helped to narrow down its losses for the quarter.<\/p>\n
Losses Narrowed<\/b><\/p>\n
The reported quarter also stood to gain from the company’s new Illinois Power Holdings segment, which was added through the acquisition of a merchant generation unit of Ameren Corp. in December, that recorded earnings of $30 million. The company’s CEO Robert C. Flexon mentioned during the call that the ongoing trend of generation capacity retirements along with substantially lower natural gas inventory has helped to drive its capacities and energy prices forward in most of its chief markets.<\/p>\n
Dynegy Inc. (NYSE:DYN) has come through bankruptcy proceedings in late 2012. The company draws a major portion of its top-line from power-generation operations, which are primarily fueled by either coal or gas. For the first quarter, the company reported a loss of $41 million as against the loss of $142 million in the previous year. The company’s adjusted EBITDA came in at $152 million for the reported quarter, which compares to $43 million EBITDA in 2013. At the same time, the company’s revenue surged from $318 million to $762 million, higher than the average estimate of $570 million, as surveyed by Thomson Reuters.<\/p>\n
Upgraded At ISI Group<\/b><\/p>\n
The coal unit posted adjusted EBITDA of $42 million, which excludes one time items like derivative impacts. The same was $4 million a year ago. The gas unit adjusted EBITDA for the quarter was recorded at $104 million, as against $61 million in the same quarter a year earlier.<\/p>\n
Recently, Dynegy Inc. (NYSE:DYN) received a rating upgrade from the analysts at ISI Group. The research firm changed its rating from a ‘buy’ to ‘strong buy’ and revised its price target upwards to $40.<\/p>\n","protected":false},"excerpt":{"rendered":"
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