Dynegy Inc. on Feb. 21 reported adjusted EBITDA for fourth quarter 2017 of $293 million, an increase from $219 million in the same period in 2016.
Adjusted EBITDA for the quarter was positively impacted by the acquisition of plants from ENGIE SA and higher capacity revenues in some of the company's segments, partially offset by lower than expected commodity prices, among other factors.
Dynegy reported a fourth-quarter 2017 net loss of $95 million, compared to a net loss of $182 million in the same quarter of 2016. The company attributed the results to an increase in income tax benefit, due to the partial release of the company's valuation allowance as a result of the ENGIE acquisition, as well as alternative minimum tax credits previously subject to a valuation allowance. Operating revenues for the quarter totaled $994 million, down from $1.11 billion, in the fourth quarter of 2016.
For full year 2017, the company's consolidated adjusted EBITDA totaled $1.16 billion, compared to $1.01 billion in 2016. Net income for 2017 was $72 million, or 37 cents per diluted share, rising from a net loss of $1.24 billion, or a loss of $9.78 per diluted share in 2016. The increase was primarily driven by an operating loss $228 million lower, a $590 million increase related to the extinguishment of debt associated with the Illinois Power Generating Co. bankruptcy, and a $565 million increase in tax benefits, partially offset by a $79 million loss on the early extinguishment of debt.
The S&P Capital IQ consensus GAAP estimate for Dynegy in 2017 was 89 cents per share.