Extract
Dynegy Announces Third Quarter 2004 Results.
HOUSTON -- Dynegy Inc. (NYSE:DYN)
--Natural Gas Liquids results up sharply due to higher energy prices, margins and volumes --Power Generation operational results comparable year-over-year despite milder than normal weather --Sale of Illinois Power completed on September 30 --Total debt reduced by $2.1 billion during third quarter --Liquidity remains strong at $1.5 billion --2004 basic earnings per share guidance estimate raised to a range of $0.20 to $0.25, up from the previous range of $0.03 to $0.08 Dynegy Inc. (NYSE:DYN) today reported net income of $78 million and $0.16 per diluted share for the third quarter 2004, compared to net income of $5 million and diluted earnings per share of $2.65 for the third quarter 2003. The diluted earnings per share in the third quarter 2003 included a dividend gain of $1.2 billion, or $2.64 per share, related to the restructuring of the company's Series B preferred stock. Factors contributing to the year-over-year increase in net income included significantly higher crude oil, natural gas and natural gas liquids prices, an increase in fractionation spreads and volumes, continued strong operational performance resulting from asset availability, and a continuing emphasis on cost efficiency. "Our performance in the third quarter demonstrates the competitive advantages and upside potential embedded in our energy businesses," said Bruce A. Williamson, Chairman, President and Chief Executive Officer of Dynegy Inc. "This strong operational performance enables us to capture upside when it is available in the market at different points in the overall gas and power demand and pricing cycles. "Our Natural Gas Liquids business continued its exceptional performance in the third quarter due to the relationship between liquids prices and crude oil and a contract structure that allows us to capitalize on higher prices, frac spreads and margins," Williamson added. "In our Power Generation business, several of our baseload generation facilities ran at near-record levels, contributing to higher year-to-date volumes for Power Generation compared to the previous period. Together, Natural Gas Liquids and Power Generation provide our investors with a unique value proposition with near-term and longer-term value potential." Quarter-Over-Quarter Comparison A comparison of the company's third quarter 2004 and third quarter 2003 results is contained in the table below (in millions of dollars, except per share amounts): 3Q 2004 3Q 2003 --------- --------- Income from continuing operations $110 $7 Income tax expense (30) (3) Income (loss) from discontinued operations, net of taxes (2) 1 --------- --------- Net income 78 5 Preferred stock dividends (gain) 6 (1,183) --------- ---...See the full content of this document
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