Ogden Earnings to Beat Forecasts

Ogden Corp., a manager of power plants that’s shedding other businesses to focus on energy, said its 2000 and 2001 earnings will be higher than it earlier estimated because of higher power prices in California. Ogden said its earnings for 2000 will be more than $100 million, up from $80.3 million in 1999. The company was expected to earn about $95 million. Ogden expects 2001 earnings of about $115 million. California power prices have soared because of a shortage of power plants and rising electricity demand. New York-based Ogden expects this year’s earnings to improve because of price increases in the power industry, new contracts at its water filtration business and “companywide operating efficiencies.” The company also said it completed the sale of its aviation unit that includes Ogden’s Flight Services Group to Greece’s Latsis Group, for about $27.5 million. Ogden shares rose $1.31 to close at $16.75 on the New York Stock Exhange.