Dynegy posts higher quarterly results

Dynegy Inc. on Wednesday reported an 8 percent rise in quarterly profit as it continues to rebuild itself after the collapse of the energy merchant sector.

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The Houston power company reported net income after paying preferred dividends of $69 million, or 15 cents a share, compared with $64 million, or 17 cents a share, in the first quarter of 2003. Earnings per share fell because it had more shares outstanding in the most recent quarter.

Revenue fell 12 percent to $1.66 billion.

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Dynegy is in the process of rebuilding itself after the collapse of the energy merchant sector, sparked by Enron Corp.'s failure, which dragged it to the edge of ruin in 2002.

Looking ahead, the company reaffirmed its 2004 earnings per share forecast of a loss of 12 cents to 20 cents. It also reaffirmed its 2004 free cash flow estimate of $430 million to $480 million.