Dynegy’s 3rd-Quarter Profit Rises 62%
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Dynegy Inc., a power producer and trader, said third-quarter profit rose 62% to $286million, or 85 cents a share, on higher energy sales in the U.S. and Canada. The results beat by 3 cents the average estimate of analysts polled by Thomson Financial/First Call.
Revenue rose a slight 1.8% to $8.52 billion as a slowing economy and mild weather reduced energy demand and kept prices low.
The Houston-based company improved profit margins by cutting costs, partly by trading more over the Internet, said J.P. Morgan energy analyst Anatol Feygin.
Shares of Dynegy fell $1.20 to $42.45 on the NYSE.
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