Empire District Electric Co. on Thursday posted a 13 percent decrease in third-quarter net income resulting from lower electric revenues in cooler weather and higher gas expenses.
Net income for the quarter was $20.2 million, or 59 cents in earnings per diluted share, down 13 percent from $23.3 million, or 76 cents per share, in third-quarter 2007. Net income from electric revenues totaled $21.1 million, but a $1.2 million net loss from gas operations offset that gain. Gas operations posted a loss a year ago, too, of $907,000.
Consolidated revenues - from electric, gas and other operations - were down 3 percent at $138.7 million, compared to $142.5 million a year ago. Electric revenues were down 3 percent at $131.4 million, while gas revenues were up 7 percent at $6.06 million and other revenues were up 38.5 percent at $1.37 million.
Lower electric revenues for the quarter were attributed to cooler weather, which Empire estimated reduced revenue by $8.7 million. Despite a climb in gas revenue, the costs of natural gas sold and transported and gas operations and maintenance increased, resulting in the loss.
During the quarter, the Missouri Public Service Commission authorized a net $22 million increase in electric revenues, the recovery of deferred expenses for the 2007 ice storms, and a fuel adjustment clause for Empire District's Missouri customers, which increased fuel expenses by $1.8 million.
Also Thursday, Empire District declared a 32-cent-per-share dividend on common stock, payable Dec. 15 to shareholders of record on Dec. 1.
Shares of the Joplin-based investor-owned utility (NYSE: EDE) closed Thursday at $18.52 and were trading down at $17.92 as of 10:45 this morning. The 52-week range is $14.90 to $24.34.[[In-content Ad]]
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