Dynegy to Meet or Beat Estimates
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After rival U.S. power producers cut or reiterated forecasts last week, Dynegy Inc. said its earnings this year and next will meet or beat analysts’ estimates.
Profit will be at least $2.07 a share this year and $2.50 to $2.60 a share in 2002, a Dynegy spokesman said.
The average estimates of analysts is $2.06 a share for this year and $2.56 a share for next.
Shares of power producer AES Corp. plunged 49% last week after it cut its 2001 earnings forecast and Exelon Corp. fell 12% after saying profit would lag estimates. Calpine Corp. and NRG Energy Inc. reaffirmed their projections, and their shares rose.
“Recent events and the general economic downturn . . . are not expected to affect our earnings growth or slow our momentum,” Dynegy Chief Executive Chuck Watson said.
Houston-based Dynegy trades electricity and natural gas in North America and Europe. The company will release third-quarter earnings Oct. 15. Shares of Dynegy rose $1.08 to close at $35.73 on the NYSE after rising 11% on Friday. They have fallen 36% this year.
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