Calpine Corporation Tops Revenue Estimates For Q2

Calpine Corporation (NYSE:CPN) reported a loss of $0.14 for a break-even quarter. Revenues for the quarter rose 14% year-over-year to $1.63 billion, topping consensus estimates of $1.45 billion.

The company is now projecting full year Adjusted EBITDA of $1,700 million to $1,750 million and Adjusted Recurring Free Cash Flow of $475 million to $525 million

Jack Fusco, Calpine's President and Chief Executive Officer said, "We are pleased to report solid operating and financial results during the second quarter, demonstrating our consistent focus on serving customers, enhancing our balance sheet and delivering financially disciplined growth. From an operating perspective, we produced 20 million MWh1 of power while achieving second quarter and year-to-date starting reliability of 98%, the highest on record. This achievement was that much more remarkable because it was achieved against the backdrop of the highest number of turbine starts on record, showing that our reliable and flexible fleet of efficient, modern generation assets continues to deliver when our customers need us."

Calpine (NYSE:CPN) has a potential upside of 10.7% based on a current price of $16.88 and an average consensus analyst price target of $18.69.

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