NRG Energy Inc. posted a big drop in third-quarter profit as the company lapped a quarter in which it benefited from gains in hedge positions.
The energy company reported a profit of $67 million for the three months, down from $1.62 billion a year earlier. Earnings were 29 cents a share, down from $6.60 a share last year.
The company said the drop in profit was due to mark-to-market gains on hedge positions in the year-earlier period, which benefited NRG due to large movements in natural gas and power prices a year ago.
Revenue rose to $8.51 billion from $6.61 billion.