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NRG Energy posts $122M in 3Q net income

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The Associated Press | November 12, 2013 09:44 AM EST | AP


NEWS: NRG Energy said Tuesday that it earned $122 million in the third quarter, helped by contributions from acquisitions. It had reported a small loss in the year-ago period.

DETAILS: President and CEO David Crane said the company produced "satisfactory" results, despite moderate summer weather that weakened pricing.

He noted that the company integrated acquisitions during the quarter and held an initial public offering for its NRG Yield division.

The company also said Tuesday that it agreed last month to buy most of the assets of Edison Mission Energy for about $1.57 billion. The company valued the deal at $2.64 billion including $1.06 billion in acquired cash.

NUMBERS: For the quarter ended Sept. 30, the Princeton, N.J.-based power provider's net income amounted to 37 cents per share and compared with a loss of $3 million, or 1 cent per share, in the same quarter of 2012.

Revenue rose 50 percent to $3.49 billion from $2.33 billion.

STOCK: Shares of NRG Energy Inc. fell 99 cents, or 3.6 percent, to $27.05 in morning trading. Its shares are up more than 24 percent for the year so far,