Empire District earnings drop due to tax expenses

Joplin-based utility provider Empire District Electric Co. (NYSE: EDE) announced 22 cents per share in earnings for the first quarter of 2010, along with a 32-cent-per-share dividend for stockholders.

First-quarter earnings totaled $8.6 million, compared to $10.9 million the year before.

The company’s earnings release noted that one-time costs related to tax law changes and the company’s current Missouri electric rate case increased the provision for income taxes, reducing earnings by 9 cents per share.

First-quarter electric revenues increased by $7.2 million, due to unusually cold temperatures in January and February. Gas revenues for the quarter were lower by $3.5 million, due to a $4.2 million decrease in the cost of natural gas the company sold and transported.

The utility’s board of directors also declared a quarterly dividend of 32 cents per share, payable on June 15 to shareholders of record as of June 1.

Shares of Empire stock closed May 6 at $18.53, compared to a 52-week range of $14.62 to $20.