Empire District earnings ahead in 2014 despite rough 4Q

Joplin-based Empire District Electric Co. (NYSE: EDE) improved its 2014 net income by 5.8 percent despite a fourth-quarter profit decrease.

The utility company bumped full-year net income to $67.1 million, or $1.55 per share, from $63.4 million in 2013, or $1.48 per share. Fourth-quarter net income fell 27 percent to $11.1 million, or 26 cents per share, from $15.2 million a year earlier, according to a news release.

Company officials said fourth-quarter results were adversely affected by a return to traditional winter weather, leading to a revenue decrease of roughly $3.2 million; roughly $4.3 million in additional operating and maintenance expenses; a $600,000 increase in depreciation and amortization expenses; and $300,000 in increased interest expenses.

Full-year earnings were positively affected by a gross margin on sales of $410.2 million, an increase of 4.3 percent over 2013; $12.5 million in revenue driven by higher customer rates; and $1.1 million in miscellaneous revenue, primarily transmission service fees.

Empire District serves around 218,000 customers in Kansas, Oklahoma, Arkansas and Missouri, including Greene County, according to the release.

EDE shares were trading at $26.26 as of 11:06 a.m., compared to a 52-week range of $22.65 to $31.49.[[In-content Ad]]