Joplin-based Empire District Electric Co. (NYSE: EDE) reported 2012 earnings of $55.7 million, a roughly 1.5 percent increase compared to $54.9 million in 2011.
Full-year earnings per diluted share grew to $1.32, a 1-cent increase, according to a news release from the company, which serves approximately 216,000 customers in Missouri - including in Greene County - Kansas, Oklahoma and Arkansas.
During 2012, milder weather compared to the prior year adversely affected Empire District's electric revenue by approximately $25.6 million.
That impact was partially offset by customer rate increases in Missouri, which added $12 million in revenue. In late November, the company implemented a rate increase expected to grow annual revenues by $450,000, the release said.
Empire District's fourth-quarter net income rose roughly 10 percent to $9.6 million from $8.7 million in the quarter ending Dec. 31, 2011. Earnings per share increased by 2 cents during the quarter to 23 cents.
Fourth-quarter financial notes:
- The company's electric revenues dropped 3 percent to $114.1 million from $118 million in fourth-quarter 2011.
- Gas revenues were roughly flat at $13.3 million, while other revenues were stagnant at $1.7 million.
- Gross margin was $82 million during the latest quarter, up from $81.5 million in the same quarter of 2011.
EDE shares were trading at $21.62 as of 10:11 a.m., compared to a 52-week range of $19.51 to $22.04.[[In-content Ad]]
