Due to higher expenses, Joplin-based Empire District Electric Co. (NYSE: EDE) recorded a second-quarter earnings drop of 39.3 percent to $6.8 million, compared to $11.2 million a year earlier.
The utility provider earned 15 cents per diluted share for the three months ended June 30, a decrease of 11 cents per share, according to a news release.
Company officials pointed to higher generation maintenance and depreciation expenses as the cause of the profit dip.
Empire District’s State Line combined cycle generating plant took on a $3.1 million expense related to a planned maintenance outage. Also, a maintenance contract for the company’s Riverton plant cost the company $600,000 in expenses. Electric depreciation costs at its Asbury power plant added $1.9 million in expenses, according to the release.
Second-quarter financial notes:
• Empire District issued a quarterly dividend of 26 cents per share, payable Sept. 15 to stockholders of record on Sept. 1.
• Near the end of the quarter,
on June 24, the Missouri Public Service Commission gave the utility approval to increase electric rates for Missouri customers. The increase is expected to boost company revenue by $17.1 million a year.
• The company’s full-year earnings guidance of $1.30 to $1.45 per share remains unchanged.
Empire District serves 218,000 customers in Missouri, Kansas, Oklahoma and Arkansas, according to the release. Its Show-Me State
service area includes Greene County.
EDE shares were trading at $23.04 as of 9:56 a.m., compared to a 52-week range of $21.52 to $31.49.
