NRG Energy 3Q profit rises threefold

PRINCETON, N.J. - NRG Energy Inc. said Thursday its third-quarter profit more than tripled due partly to an accounting gain, higher market prices and lower nuclear development expenses.

Net income after paying preferred dividends totaled $771 million, or $2.83 per share, compared with $255 million, or 93 cents per share, in the same period last year.

The results include pretax unrealized net mark-to-market gains of $826 million and losses of $7 million in the third quarter of 2008 and 2007 respectively. Excluding the accounting gain, operating income for the quarter rose 13 percent, to $623 million, NRG said.

Revenue rose 52 percent to $2.69 billion from $1.77 billion in the year-ago period.

Analysts surveyed by Thomson Reuters expected per-share earnings of 77 cents on revenue of $1.58 billion. The estimates typically exclude one-time items.

David Crane, president and chief executive officer, said NRG "delivered exceptional quarterly performance in the face of the unprecedented disruption of our national financial system."

Shares rose $2.38, or 10.8 percent, to close at $24.38.

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