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PRINCETON, N.J. - Merchant power generator NRG Energy Inc. reported a 13 percent drop in second-quarter profit Tuesday, but said prices for natural gas, oil, coal and power staged an extended rally in the quarter.
| NRG | 23.37 |  -1.24 |
The company reported net income of $129 million, or 49 cents per share, compared with $149 million, or 51 cents per share, during the second quarter of 2007.
Revenue dropped to $1.32 billion from $1.54 billion.
Analysts polled by Thomson Financial expected profit of 55 cents per share on revenue of $1.38 billion.
"That we could do so well during such a volatile commodity and Wall Street environment demonstrates the strength of both our commercial hedging strategy and our prudent balance sheet management," David Crane, NRG president and chief executive, said in a statement.
Shares of NRG rose 47 cents to $35.04 in morning trading.
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