Dynegy Expects 2013 Loss of Up to $332 Million
Adjusted earnings before interest, tax, depreciation and amortization will be $250 million to $275 million, according to a slide presentation filed with the U.S. Securities and Exchange Commission today before an analyst meeting in New York. The forecast is below the $305.5 million average of four analysts’ estimates compiled by Bloomberg.
“The range for 2013 was slightly below our expectations,” Jon Cohen, a New York-based analyst for International Strategy & Investment Group, said today in an e-mail. Cohen rates the shares cautious, equivalent to a sell.
Dynegy, the owner of natural-gas and coal-fired power plants, put a group of units into bankruptcy in November 2011 after electricity prices tumbled in the wake of the 2008 economic slump. The corporation sought bankruptcy protection in July 2012.
Dynegy has three sell and three hold recommendations from analysts, according to data compiled by Bloomberg. The company is the third-largest U.S. independent power producer behind Calpine Corp. (CPN) and NRG Energy Inc. (NRG) Independent power producers sell their output on wholesale markets or under contract to utilities.
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