Empire District Electric earnings drop nearly 16%

Joplin-based Empire District Electric Co. (NYSE: EDE) posted $56.6 million in 2015 earnings, a nearly 16 percent drop compared to $67.1 million in profits a year earlier.

The utility company’s diluted share earnings dropped 26 cents to $1.29, according to a news release.

Empire District President and CEO Brad Beecher said the mildest fourth-quarter weather in 30 years contributed to the fall in earnings.

During the quarter ended Dec. 31, net income decreased roughly 11 percent to $9.9 million, or 23 cents per diluted share, from $11.1 million, or 26 cents per share.

In the fourth quarter, Empire District confirmed media reports it was working with an adviser to attract potential buyers.

“With regard to the exploration of strategic alternatives confirmed in the Company’s December 13, 2015, press release, we have no update,” Beecher said in the earnings report.

2015 financial notes:
    •    Customer rates rose by $10.4 million during the year.
    •    Gross margin increased 1.5 percent to $416.2 million.
    •    Electricity revenue moved up to $385.2 million from $377.4 million.

Empire District serves 218,000 customers in Missouri, Kansas, Oklahoma and Arkansas. Its Show-Me State service area includes Greene County.

EDE shares were trading at $28.01 as of 9:38 a.m., compared to a 52-week range of $20.69 to $30.49.