Actually, I've had many dyno pulls where my readings were 20-40 HP below where they should be. In the most recent example, I ran 475 HP, let the car cool for 5 minutes, and then ran 511 HP. This typically happens when the engine gets heat-soaked and the coolant temp gets up to 200+ degrees. Per the service manual the ECU watches coolant temp, and from my dyno experience it seems to pull timing and add fuel once the engine gets hot. If you have an air/fuel meter on the car, you can see this - the mixture will go down to 11.5:1 (or even richer!) and power will fall off a cliff.
The easiest way to solve this is to get a high-speed fan pointed at the front of the car and leave it sitting on the dyno, but turned off, for a few minutes to let the coolant in the radiator cool down. Start it back up, idle for 30 seconds to get coolant & oil circulating, then do your pull.
obVendorPlug: For those of you who drag race, Sean Roe's fan kit is an excellent cheap hop-up because it'll pull heat out of the coolant between runs. Mine works like a charm.