TransAlta Posts Q3 Loss

(RTTNews) - TransAlta Corp. (TAC, TA.TO), Thursday posted a net loss for the third-quarter, due to a C$40 million deferred tax asset write off at Centralia Thermal. Comparable earnings per share came below the consensus estimates.

For the three-month period, the company reported net loss of C$9 million or C$0.03 per share, compared with net earnings of C$56 million or C$0.24 per share last year.

Comparable earnings were C$39 million or C$0.15 per share, down from C$41 million or C$0.18 per share a year ago, largely driven by higher shares outstanding compared to the same period last year. On average, eight analysts polled by Thomson Reuters expected the company to report earnings per share of C0.17 for the quarter. Analysts' estimates typically exclude one-time items.

Comparable EBITDA was C$266 million up from C$255 million for the same period last year, reflecting the higher gross margins in Gas, Renewables and Trading.

FFO or funds from operations decreased to C$174 million from prior year's C$233 million, primarily due to differences in timing of cash proceeds associated with power hedges and coal inventories.

Revenues, however, increased to C$623 million, from C$522 million reported a year earlier.