Reliant Energy 1Q profit leaps 46 percent on hedges, margins

The company earned $377.2 million, or $1.07 per share, compared with $258.7 million, or 74 cents per share, in the first quarter of 2007.

Revenue jumped 19 percent to $2.82 billion, from $2.36 billion a year earlier.

Analysts were expecting revenue of $2.43 billion, according to a poll by Thomson Financial.

The company attributed the quarter to a significant improvement in hedges and improved wholesale margins.

Shares fell 86 cents, or 3.3 percent, to $24.88 in midday trading.