Aquila Trims Profit Forecast After Loss
Aquila Inc., a U.S. utility owner planning to quit energy trading, cut its 2002 profit forecast for the second time in two months after reporting a quarterly net loss of $810 million.
The stock fell as much as 20%. The per-share net loss in the second quarter was $5.69 as the value of a stake in Houston-based phone and power line installer Quanta Services Inc. tumbled, Aquila said.
Revenue declined 7.5% to $9.65 billion. Shares of Kansas City, Mo.-based Aquila fell $1.05, or 17%, to $4.95 on the NYSE.
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