Reliant Posts Loss of $916 Million in Quarter
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Reliant Resources Inc., which produces power in 13 U.S. states, posted a $916.3-million third-quarter loss because plants purchased last year dropped in value. But the company’s shares had their biggest gain since April because profit excluding one-time costs beat expectations.
The net loss was $3.11 a share, compared with net income of $50.4 million, or 17 cents a share, a year earlier, Houston-based Reliant said. Sales fell 27% to $3.79 billion.
Excluding one-time costs, profit was 74 cents a share, 31 cents higher than the average estimate in a Thomson First Call survey.
Shares of Reliant rose 63 cents, or 12%, to $5.86 on the New York Stock Exchange.
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