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Calpine Q1 adjusted EBITDA, free cash flow up YOY; adjusted loss widens YOY on expenses

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Calpine Q1 adjusted EBITDA, free cash flow up YOY; adjusted loss widens YOY on expenses

reported ayear-over-year increase in both adjusted EBITDA and adjusted free cash flow,for the first quarter of 2016. Adjusted EBITDA of $374 million, up 10.7% yearover year from $338 million for the corresponding quarter of 2015, whileadjusted free cash flow increased sharply to $102 million, or 29 cents pershare, compared to $25 million, or 7 cents per share, in the first quarter of2015.

Despitethe result, the company posted an adjusted first-quarter 2016 net loss of $104million, widening from $62 million in the first quarter of 2015. The companysaid the increase in loss was due to an increase in estimated income taxexpense and an increase in depreciation and amortization expense driven largelyby power plant portfolio changes.

Thecompany continues to target full-year adjusted EBITDA of $1.8 billion to $1.95billion and adjusted free cash flow of $710 million to $860 million, or $2.00per share to $2.40 per share.

Thecompany's first-quarter adjusted EBITDA "increased $36 millionyear-over-year, despite mild winter weather across much of the country. Thisperformance was due to solid operations and effective hedging, and has kept uson track to reaffirm our full year guidance," Calpine President and CEOThad Hill said in a statement released early April 29.

First-quarter2016 adjusted EBITDA was helped by a $45 million year-over-year increase incommodity margin, which stood at $580 million at the end of the three-monthperiod. The result was helped by higher regulatory capacity revenue inPJM InterconnectionLLC and ISO NewEngland Inc. markets but offset by an $8 million increase in plantoperating expense.

Calpine'sEast business segment saw the highest increase in first-quarter 2016 commoditymargin: $62 million year over year to $230 million, followed by the Texasbusiness segment, which reported a $4 million year-over-year increase to $153million.

TheWest business segment reported a $21 million year-over-year decrease incommodity margin to $197 million, results showed.

Calpine'sfirst-quarter 2016 operating revenues decreased to $1.62 billion from $1.65billion in the opening months of 2015, while total operating expenses were upto $1.62 billion from $1.49 billion during the same quarter a year ago.

Thecompany's first-quarter 2016 GAAP loss also widened to $198 million, or 56cents per share, from $10 million, or 3 cents per share, in the first quarterof 2015, due to net non-cash mark-to-market losses driven by decreases inforward power and natural gas prices during the most recent quarter.

Thecompany will discuss its results in a conference call scheduled for 10 a.m. ETon April 29.