Empire District earnings rise 17%

Joplin-based Empire District Electric Co. (NYSE: EDE) recorded second-quarter profits of $10.71 million, a 16.7 percent increase from earnings of $9.2 million in the same quarter of 2011.

Earnings from the electric services of the business made up the bulk of second-quarter net income, totaling $10.69 million. Gas services brought in a $394,000 net loss, and other sources of income pulled in $411,000 in earnings, according to a news release.

Of the company's $131.6 million in consolidated revenues, electricity represented $124.1 million, followed by $5.8 million in gas and $1.9 million from other sources. Consolidated revenues for second-quarter 2011 were $129.1 million, but electric revenues increased from $120.3 million.

Increased electric revenues were primarily due to a rate change in Missouri that raised an additional $5.5 million compared to the same quarter in 2011.

Other second-quarter financial notes:

• Empire District recorded diluted earnings per share of 25 cents, a 3-cent uptick from the same quarter of 2011.
• The cost of fuel, purchased power, and the cost of natural gas sold and transported was $47.3 million, down from $49.9 million. Other operating expenses for the quarter was $63.6 million, compared to $60 million.
• Operating income was $20.8 million in the second quarter, up from $19.1 million.

Empire District serves approximately 215,000 customers in Missouri, Kansas, Oklahoma and Arkansas.  

As of 11:08 a.m., Empire District shares were trading at $21.68, compared to a 52-week range of $18.10 to $21.94. The 52-week high was recorded July 19, a week before the company released its second-quarter financial report.