Empire District Electric 1Q earnings rise by 39%

Joplin-based Empire District Electric Co. (NYSE: EDE) reported first quarter net earnings of $11.9 million, a 38.9 increase from profit of $8.6 million in the same quarter of 2010.

Earnings per diluted share were 29 cents for the quarter, up from 22 cents in the first quarter of the previous year, according to a company news release.

First-quarter earnings also showed an increase from fourth-quarter 2010, when the company posted net income of $8.5 million, or 20 cents per diluted share.

Pushing Empire District's first-quarter profit was a 7.7 percent increase in revenues to $150.8 million from $139.9 million in first-quarter 2010.

First-quarter 2011 highlights:

• Electricity made up the bulk of net income with $9.3 million. The company's $128.4 million in electricity revenue was aided by rate changes from Missouri and Kansas customers.
• Natural gas made up $2.2 million of the company's net income, a slight decrease from first-quarter 2010, when it was $2.3 million.
• Rate increases approved by the Arkansas Public Service Commission for Empire District's Arkansas electric customers went into effect April 12, allowing an annual increase in revenues of approximately $2.1 million.

With the release, Empire District declared a quarterly divided per share of common stock of 32 cents payable June 15.

Empire District Electric Co. shares were trading at $22.22 as of 8:40 a.m., compared to a 52-week range of $17.57 to $22.50.
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