Dynegy swings to a loss of $69 million
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Independent power producer Dynegy Inc. posted a third-quarter net loss as charges related to a write-down of a Kentucky power plant cut into gains in its Midwest operations.
The company, which will spend more than $2 billion to buy power plants from private equity fund LS Power Group, said the net loss was $69 million, or 14 cents a share, compared with a year-earlier profit of $23 million, or 6 cents.
Excluding special charges, Dynegy earned 6 cents a share, falling short of analysts’ average forecast of 10 cents a share, according to Reuters Estimates.
Revenue fell 24.5% to $581 million from $770 million.
Shares of Houston-based Dynegy fell 20 cents to $6.02.
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