Mirant Corp. reports 2Q loss

Wholesale energy marketer Mirant Corp. said Friday it swung to a second-quarter loss on unrealized losses principally on hedges.

The company reported a loss of $783 million, or $3.90 a share, in the second quarter of 2008 compared with a profit of $1.26 billion, or $4.91 a share, in the year-earlier period. Mirant said that adjusted net income, which excludes net losses related to hedges against volatile prices and demand, was $66 million, or 29 cents a share.

Analysts surveyed by Thomson Financial, on average, expected earnings of 56 cents per share. Analysts' estimates typically exclude one-time items.