Stock Monitor: Companhia Paranaense de Energia Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 12, 2017 / Active-Investors free earnings report on Calpine Corp. (NYSE: CPN) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=CPN. Active The Company posted its financial results on November 01, 2017, for the third quarter fiscal 2017. The power generation Company's revenue and EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Companhia Paranaense de Energia - COPEL (NYSE: ELP), which also belongs to the Utilities sector as the Company Calpine. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Calpine most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=CPN
Earnings Highlights and Summary
For three months ended September 30, 2017, Calpine's total operating revenue increased 9.8% to $2.59 billion from $2.36 billion in Q3 FY16. For the reported quarter, the Company's commodity revenue increased 21.5% to $2.51 billion from $2.06 billion in the third quarter of 2016. The Company's total operating revenue surpassed analysts' expectations of $1.77 billion.
During Q3 FY17, Calpine's commodity margin increased 5.4% to $864 million from $820 million in the same period last year. For the reported quarter, the Company's adjusted EBITDA increased 5.9% to $669 million from $632 million in the third quarter of 2016. The increase was primarily due to higher Commodity Margin.
For the reported quarter, the Company generated 28.83 million MWh compared to 33.55 million MWh in Q3 FY16. For the reported quarter, the average availability was 95.1% compared to 97.3% in Q3 FY16.
During Q3 FY17, Calpine's operating income decreased 14.9% to $393 million from $462 million in the same period last year. For the reported quarter, the Company's operating margin decreased 440 basis points to 15.2% of revenue from 19.6% of revenue in the third quarter of last year.
During Q3 FY17, Calpine's earnings before tax (EBT) decreased 22.9% to $229 million from $297 million in the same period last year. For the reported quarter, the Company's EBT margin decreased 370 basis points to 8.9% of revenue from 12.6% of revenue in the third quarter of last year.
For the reported quarter, Calpine's net income decreased 23.7% to $225 million from $295 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS decreased 24.1% to $0.63 from $0.83 in the same period last year. Diluted EPS surpassed analysts' expectations of $0.62.
Segment Details
West - During Q3 FY17, the West segment's commodity margin increased 9.7% to $327 million from $298 million in the same period last year. The growth was due to increased contribution from the expansion of retail hedging activity following the acquisition of Calpine.
Energy Solutions in December 2016. For the reported quarter, the segment generated 6.99 million MWh compared to 8.34 million MWh in Q3 FY16. For the reported quarter, the average availability was 93.5% compared to 98.9% in Q3 FY16.
Texas - During Q3 FY17, the Texas segment's commodity margin increased 1.5% to $201 million from $198 million in the same period last year. For the reported quarter, the segment generated 12.96 million MWh compared to 13.67 million MWh in Q3 FY16. For the reported quarter, the average availability was 95.7% compared to 97.0% in Q3 FY16.
East -During Q3 FY17, the East segment's commodity margin increased 3.7% to $336 million from $324 million in the same period last year. The increase was due to increased contribution from hedges, including the expansion of retail hedging activity following the acquisitions of Calpine Energy Solutions in December 2016 and North American Power in January 2017. For the reported quarter, the segment generated 8.89 million MWh compared to 11.54 million MWh in Q3 FY16. For the reported quarter, the average availability was 95.8% compared to 96.5% in Q3 FY16.
Balance Sheet
As on September 30, 2017, Calpine's cash and cash equivalents increased 1.9% to $426 million from $418 million on December 31, 2016. For the reported quarter, the Company's debt decreased 1.3% to $11.28 billion from $11.43 billion in Q4 FY16.
For the reported quarter, the Company's net accounts receivable increased 11.4% to $935 million from $839 million in Q4 FY16. For the reported quarter, the Company's accounts payable and accrued liabilities increased 12.7% to $756 million from $671 million in the fourth quarter of 2016.
In the first nine months of 2017, Calpine's cash provided by operating activities increased 21% to $807 million from $667 million in the same period last year. In the first nine months of 2017, Calpine's adjusted free cash flow decreased 8.6% to $588 million from $643 million in the same period last year.
Stock Performance Snapshot
December 11, 2017 - At Monday's closing bell, Calpine's stock ended the trading session flat at $15.09.
Volume traded for the day: 3.77 million shares.
Stock performance in the last month – up 0.67%; previous three-month period – up 2.58%; past twelve-month period – up 29.42%; and year-to-date – up 32.02%
After yesterday's close, Calpine's market cap was at $5.45 billion.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry. This sector was up 0.4% at the end of the session.
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