Texas power company TXU Corp. (NYSE: TXU) posted a first quarter loss on Wednesday, hurt by charges related to canceled power facilities.
The company said its net loss was $497 million for the fiscal first quarter, or $1.09 per share. Last year the company reported a profit of $576 million, or $1.22 a share during the same period.
Analysts had expected of a profit of $1.11 per share, according to a poll of analysts by Thomson's Financial.
Special items included of a $463 million, or 99 cents per share charge, associated with the termination of eight of 11 coal-plants it was developing. Unrealized mark-to-market losses in the long-term hedging program cost the firm $449 million, or 97 cents a share.
Revenue fell 28 percent to $1.67 billion, compared to $2.30 billion a year ago.
Results were also hurt by an extended outage at its Comanche Peak nuclear generation plant and more planned outage time for coal-fueled plant maintenance, as well as lower average retail pricing.
TXU, the largest power generator in Texas, agreed to be acquired for $31 billion by a group of private equity firms led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group. The transaction represents the largest private leveraged buy out in history.
Shares of TXU rose slightly in early trading, gaining 14 cents, or 0.21 percent to $66.30 on the New York Stock Exchange.