Calpine 3Q profit tumbles after reorganization

For the period ended Sept. 30, the company posted net income of $136 million, or 28 cents per share, compared with $3.79 billion, or $7.91 per share, in the same period last year.

Excluding one-time items, Calpine posted net income of $134 million, or 28 cents per share.

Because of the company's recent reorganization, Calpine said the per-share figures are not comparable between the two periods.

The company emerged from Chapter 11 protection in January, after a two-year period in bankruptcy where it cut one-third of its work force and sold off several plants to better its finances.

Revenue jumped 37 percent to $3.19 billion from $2.32 billion.

Analysts polled by Thomson Reuters expected, on average, earnings of 39 cents per share on revenue of $2.48 billion. Analysts typically exclude one-time items.

"Calpine has delivered record financial results for the third quarter despite cooler weather and major hurricanes in our primary markets, as well as a slowdown in the economy," President and Chief Executive Jack Fusco said in a statement. "Importantly, despite considerable turbulence in the financial markets, we have been able to substantially improve liquidity which will enable us to continue to execute on our business plan."

The stock rose 29 cents, or 3 percent, to $9.95 in afternoon trading. Shares of Calpine have traded between $7.60 and $23.36 in the past 52 weeks.