Empire District Electric earnings down 4.3%

Joplin-based Empire District Electric Co. (NYSE: EDE) posted reduced earnings of $11.2 million during the second quarter, a 4.3 percent decrease compared to $11.7 million in the same quarter last year.

The company reported diluted share earnings of 26 cents for the three months ended June 30, a 1-cent decrease compared to second-quarter 2013. Empire District serves some 217,000 customers in Kansas, Oklahoma, Arkansas and Missouri, including Greene County, according to a news release.

Company officials pointed to increased operating and maintenance expenses, as well as depreciation and amortization expenses, as reasons for the decline in profits. Those expenses were partially offset by the positive impact caused by an increase in allowance for funds used during construction.

Second-quarter financial notes:

• Empire District's full-year normal weather earnings guidance, established in February at a range of $1.38 to $1.50 per share, was unchanged during the quarter.
• The gross margin for electric services was $86.4 million, up from $85 million in the same quarter last year. The gas margin decreased to $4.3 million from $4.7 million.
• The company declared a quarterly divided of 26 cents per share, payable Sept. 15.

EDE shares were trading at $24.68 as of 11:44 a.m., compared to a 52-week range of $20.77 to $25.87.[[In-content Ad]]