NRG Energy Lifts FY16 Adj. EBITDA View; Sees Lower Earnings In FY17

(RTTNews) - Integrated power company NRG Energy, Inc. (NRG) on Friday said it has increased and narrowed fiscal 2016 adjusted EBITDA guidance, and initiated 2017 adjusted EBITDA guidance.

For fiscal 2016, the company now expects adjusted EBITDA of $3.25 billion to $3.35 billion, compared to previous outlook of $3 billion to $3.20 billion.

For fiscal 2017, the company expects adjusted EBITDA of $2.70 billion to $2.90 billion.

In its third quarter, the company recorded net income attributable to shareholders of $402 million or $1.27 per share, significantly higher than last year's $61 million or $0.18 per share.

After adjusting for the $266 million gain on sale of assets in the third quarter 2016 and $263 million of impairments in the third quarter 2015, net income declined $203 million related to lower energy margins and increased debt extinguishment costs.

Adjusted EBITDA of $1.17 billion for the third quarter increased from $1.10 billion last year.

Total operating revenues declined to $3.95 billion from $4.43 billion a year ago.