calpine corp (CPN) Snapshot

Calpine Corp. (NYSE:CPN) is looking for acquisitions. Shalini Mahajan, Fitch Senior Director, said, "They are also looking at further expansion opportunities" in ERCOT, noting that the significant free cash flow provided by Calpine's profitable, low-maintenance fleet allows the company to take advantage of both new-build and acquisition opportunities.

Calpine Corp. Presents at Citi's Global Energy and Utilities Conference, May-16-2013 09:30 AM. Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States.

Calpine Corp. reported un-audited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported adjusted EBITDA of $286 million, compared to $325 million in the prior year period, and adjusted free cash out flow of $43 million, or $0.10 per diluted share, compared to $27 million, or $0.06 per diluted share, in the prior year period. Net loss attributable to the company was $125 million, or $0.28 per diluted share, compared to a net loss attributable to the company of $9 million, or $0.02 per diluted share, in the prior year period. Net loss, as adjusted was $70 million compared to $65 million in the prior year period. The declines in first quarter adjusted EBITDA, adjusted free cash flow and net loss, as adjusted in the first quarter of 2013 compared to 2012 were consistent with previous disclosures and were driven primarily by lower Commodity Margin, largely as a result of changes in portfolio, a move towards seasonal hedging in 2013 compared to annual hedging in 2012 and lower generation due to the reversal of coal-to-gas switching that occurred during the first quarter of 2012. The company reported operating revenues of $1,241 million compared to $1,236 million, income from operations of $4 million compared to $195 million, loss before income taxes of $175 million compared to $15 million, net cash used in operating activities of $157 million compared to net cash provided by operating activities of $71 million and purchases of property, plant and equipment $176 million compared to $181 million for the last year. The company provided earnings guidance for the year 2013. For the year, the company expects adjusted EBITDA in the range of $1,800 - 1,960 million, adjusted free cash flow in the range of $615 million - $775 million or per share estimate (diluted) of $1.50, growth capital expenditures (net of debt funding) of $250 million and debt amortization of $140 million.