Dynegy Lowers 2003 Earnings Forecast

Dynegy Inc., a U.S. utility owner and power producer, lowered its earnings forecast for 2003 because of costs associated with refinancing its debt.

Results for the full year will range from a loss of 7 cents a share to profit of 1 cent, the Houston company said. In April, Dynegy said it expected 2003 profit of 10 cents to 18 cents.

Including losses from discontinued operations, the company said it expected to have a net loss of $190 million to $240 million in 2003. In 2002, the company had a net loss of $2.74 billion, or $8.38 a share.

Dynegy’s shares fell 13 cents, or 4.1%, to $3.04 on the NYSE.

From Bloomberg News