Empire District earnings up 66% in 1Q

Company officials said cold weather during January, February and March was the primary driver for higher revenues and earnings, according to a news release from Empire, which serves some 217,000 customers in Kansas, Oklahoma, Arkansas and Missouri, including Greene County. 

The company, an operator of regulated electric, gas and water utilities, posted earnings of 48 cents per share in the quarter, up from 30 cents in the first quarter of 2013.

Other first-quarter financial notes:

• Gross margin was up $15.2 million to $109.1 million.
• Electric revenue was up 19 percent to $153.1 million from $128.8 million.
• Gas revenue climbed 20 percent to $24.6 million from $20.5 million.
• Higher customer rates resulted in $7.6 million in new revenue, while new customers added $400,000.
• Operating and maintenance expenses climbed by $2 million, while depreciation and amortization expenses rose by roughly $1.9 million.

For the 12 months ending March 31, earnings were $71.7 million, or $1.67 per share, compared to earnings of $58.5 million, or $1.38 per share, in the previous 12-month period.

EDE shares were trading at $23.98 at 10:50 a.m., just under a 52-week high of $24.86.