Dynegy Inc. (DYN) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $597 million, or $ 3.57 a share in the quarter, against a net loss of $10 million, or $0.13 a share in the last year period. Revenue during the quarter grew 11.04 percent to $1,247 million from $1,123 million in the previous year period. Gross margin for the quarter contracted 1217 basis points over the previous year period to 39.29 percent. Operating margin for the quarter stood at negative 3.93 percent as compared to a positive 12.91 percent for the previous year period.
Operating loss for the quarter was $49 million, compared with an operating income of $145 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $230 million compared with $251 million in the prior year period. At the same time, adjusted EBITDA margin contracted 391 basis points in the quarter to 18.44 percent from 22.35 percent in the last year period.
"Protection provided by our hedging program and our growth in retail contracting has enabled us to remain on track financially despite the lack of weather and a persistently low commodity price environment," said Robert Flexon, Dynegy president and chief executive officer.
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