July 26, 2012 / 8:40 PM / in 5 years

Capital Power loss widen on higher costs, unplanned outages

July 26 (Reuters) - North American independent power producer Capital Power Corp posted a wider second-quarter loss on higher costs and unplanned outages.

The company said it expects full-year 2012 normalized earnings to be slightly under the low end of its target range of C$1.50 to C$1.70 per share, if weak power prices continue.

Net loss attributable to shareholders was C$32 million or a loss of 50 Canadian cents per share, compared with a loss of C$25 million or 67 Canadian cents per share, a year ago.

“Second-quarter financial performance is typically weaker due to seasonally lower power prices and outage scheduling,” CEO Brian Vaasjo said.

Revenue fell 45 percent to C$261 million.

Normalized earnings attributable to shareholders were C$5 million or earned 7 Canadian cents per share.

Normalized earnings for the quarter were about C$8 million below expectations due to an unplanned outage at the Bridgeport power station and higher maintenance and fuel costs at the North Carolina facilities, Capital Power said in a statement.

Analysts on average had expected earnings per share of 23 Canadian cents, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$23.63 on Thursday on the Toronto Stock Exchange.

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