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As of 4:15 PM 11/28/14 All times are local (Market data is delayed by at least 15 minutes).

calpine corp (CPN) Key Developments

Calpine Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Years 2014 and 2015; Reports Impairment Charges for the Third Quarter of 2014

Calpine Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported operating revenues of $2,187 million compared to $2,050 million a year ago. Income from operations was $1,126 million compared to $597 million a year ago. Income before income taxes was $628 million compared to $416 million a year ago. Net income attributable to the company was $614 million or $1.52 per diluted share compared to $306 million or $0.70 per basic and diluted share a year ago. Total adjusted EBITDA was $745 million compared to $802 million a year ago. Adjusted free cash flow was $506 million or $1.26 per diluted share compared to $556 million or $1.27 per diluted share a year ago. The decreases in adjusted EBITDA and adjusted free cash flow were primarily due to lower Commodity Margin driven largely by the sale of six power plants in July 2014. The increase in net income was primarily due to a gain on the previously referenced asset sale, partially offset by higher debt extinguishment costs and impairment losses. For the nine months period, the company reported operating revenues of $6,091 million compared to $4,863 million a year ago. Income from operations was $1,599 million compared to $723 million a year ago. Income before income taxes was $752 million compared to $123 million a year ago. Net income attributable to the company was $736 million or $1.77 per diluted share compared to $111 million or $0.25 per basic and diluted share a year ago. Net cash provided by operating activities was $504 million compared to $415 million a year ago. Purchases of property, plant and equipment were $354 million compared to $472 million a year ago. Total adjusted EBITDA was $1,604 million compared to $1,431 million a year ago. Adjusted free cash flow was $735 million or $1.77 per diluted share compared to $551 million or $1.23 per diluted share a year ago. The increase in net income was primarily due to higher Commodity Margin, as well as those factors that drove comparative performance for the third quarter. The increase in cash provided by operating activities was primarily due to an increase in income from operations (adjusted for non-cash items). The company reported impairment losses of $123 million in the third quarter of 2014. The company provided earnings guidance for the year 2014. For the year 2014, the company expects GAAP net income of $609 million to $659 million, interest expense, net of interest income of $650 million, depreciation and amortization expense of $600 million, adjusted EBITDA of $1,915 million to $1,965 million, capital expenditures of $405 million and adjusted free cash flow of $800 million to $850 million. The company expects free cash flow per share between $1.90 to $2.05. The company originally initiated 2014 guidance, the adjusted EBITDA range was $1.8 billion to $1.9 billion and that was before the company announced the Southeast Six Pack divestiture. At the midpoints of the guidance ranges, the company's 2014 adjusted free cash flow per share is up 30% compared to 2013, and represents nearly a doubling of 2011 baseline. For the year 2015, the company expects GAAP net income of $295 million to $495 million, interest expense, net of interest income of $630 million, depreciation and amortization expense of $630 million, adjusted EBITDA of $1,900 million to $2,100 million, major maintenance expense and maintenance capital expenditures of $395 million and adjusted free cash flow of $810 million to $1,010 million. The company expects free cash flow per share between $2.10 to $2.60. For 2015, we're expecting a further 19% growth relative to 2014.

Calpine Corp. to Report Q3, 2014 Results on Nov 06, 2014

Calpine Corp. announced that they will report Q3, 2014 results at 10:00 AM, US Eastern Standard Time on Nov 06, 2014

Calpine Corp., Q3 2014 Earnings Call, Nov 06, 2014

Calpine Corp., Q3 2014 Earnings Call, Nov 06, 2014

Calpine Corp. Presents at Bank of America Merrill Lynch Power and Gas Leaders Conference, Sep-16-2014 08:45 AM

Calpine Corp. Presents at Bank of America Merrill Lynch Power and Gas Leaders Conference, Sep-16-2014 08:45 AM. Venue: The Four Seasons Hotel, Boston, Massachusetts, United States. Speakers: Zamir Rauf, Chief Financial Officer and Executive Vice President.

Calpine Corp. Presents at 10th Annual California Power and Gas Conference, Nov-13-2014 09:00 AM

Calpine Corp. Presents at 10th Annual California Power and Gas Conference, Nov-13-2014 09:00 AM. Venue: Hotel Nikko San Francisco, 222 Mason Street, San Francisco, CA 94102, United States. Speakers: Matthew Barmack, Director, Market & Regulatory Analysis.

 

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