Empire District Electric earnings drop 18%

Joplin-based Empire District Electric Co. (NYSE: EDE) reported a net income of $9.8 million during the first quarter, a 17.8 percent decrease compared to earnings of roughly $12 million in the same quarter of 2011.

Earnings per diluted share were 23 cents during the quarter ended March 31, down 5 cents from first-quarter 2011, according to a news release.

Still, earnings for the 12-month period ended March 31 were $52.9 million, or $1.26 per share. This compares to earnings of $50.7 million, or $1.23 per share, for the year ending March 31, 2011.

According to the report, financial results for the latest quarter were negatively impacted by record mild weather. When compared to the prior year, the margin impact of mild weather experienced during the quarter reduced earnings per share an estimated 14 cents for the electric division and 3 cents for the gas division. The negative impact offset the positive results of increased electric rates, which added an estimated 15 cents per share.

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

As of 11:22 a.m., Empire District shares were trading at $20.42, compared to a 52-week range of $18.01 to $23.26.