Yesterday before market opened, CPFL Energia S.A. (CPL) reported results for the third quarter of 2009. The company posted in-line results for the third quarter of 2009, despite non-recurring items.

Net operating revenue increased by 13.2% year over year to R$ 2,704 million. Excluding the non-recurring effects related to the adjustments to the 2009 Tariff Adjustment Index of CPFL Piratininga (R$64 million), third quarter net operating revenue would have totaled R$ 2,768 million, 15.9% (R$379 million) up on the R$ 2,389 million recorded in the third quarter of 2008.

Net income totaled R$290 million, a decrease of 15.8%, while net income per share came to R$ 0.60. Excluding the non-recurring effects related to the adjustments to the 2009 Tariff Adjustment Index of CPFL Piratininga (R$74 million), net income would have come to R$ 363 million, 5.6% (R$ 19 million) up on the R$ 344 million recorded in the same quarter of previous quarter.

During the quarter, CPFL Energia’s EBITDA fell by 10.1% to R$670 million. Excluding the non-recurring effects related to the adjustments to the 2009 Tariff Adjustment Index of CPFL Piratininga (R$ 109 million), third quarter EBITDA would have totaled R$778 million, 4.5% (R$34 million) up on the R$745 million in the year ago quarter.

At the end of third quarter of 2009, adjusted net debt after the exclusion of the regulatory assets/(liabilities) and cash equivalents, totaled R$ 6,504 million, an upturn of 15.3% (R$865 million ) year over year.

The company’s outlook for the medium-term remains positive, mainly considering the more relaxed monetary policy in Brazil and the growing demand for electricity, even though the still difficult business environment around the world. Finally, CPL has a solid dividend payout and its valuation appears to be highly attractive mainly considering the non-cyclical nature of the company.

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