Empire District Electric earnings prompt 52-week high

Joplin-based Empire District Electric Co. (NYSE: EDE) bumped first-quarter earnings by 28.6 percent to $12.6 million, up from $9.8 million in the same quarter a year ago.

Shareholders responded favorably to the report, as the stock notched a 52-week high of $23.35 per share on April 25, the day the earnings were released.

Earnings per diluted share amounted to 30 cents, a 7-cent uptick from first-quarter 2012, according to a news release from Empire District, which counts approximately 216,000 customers in Missouri - including Greene County - Kansas, Oklahoma and Arkansas.

Company officials pointed to weather as a driving factor, noting electric and gas revenues were positively affected by a near return to normal winter weather compared to record warm weather in the first quarter last year.

First-quarter financial notes:

• Empire District realized a partial revenue offset of $2.4 million, representing a pretax write-off related to its Iatan 2 generating facility. The nonrecurring, one-time charge resulted from a settlement with the Missouri Public Service Commission related to a company request for an electric rate increase in July 2012.
• Gross revenues rose 12.7 percent to $93.9 million, comprising $83.5 million in electric revenues, $8.6 million from gas and $1.8 million from other sources.
• Operating and maintenance expenses rose 12.1 percent to $37.1 million from $33.1 million.

EDE shares were trading at $22.96 as of 9:30 a.m.