Calpine Posts Loss for Third Straight Quarter

Calpine Corp., which produces electricity in 22 U.S. states, reported a loss for the third quarter in a row as fuel costs rose and the company wrote down two power turbines being sold to pay debt.

The second-quarter net loss was $23.4 million, or 6 cents a share, contrasted with net income of $68.3 million, or 18 cents, a year earlier. Revenue rose 24% to $2.19 billion.

Profit excluding items in 2003 will be $380 million to $520 million, or 90 cents to $1.20 a share, the company said. Results will be above a February forecast of as much as 50 cents after projected gains from buying back debt and accounting changes, the company said.

Calpine rose 71 cents to $5.70 on the New York Stock Exchange.