Empire District Electric grows 3Q profits to $25.3M

Joplin-based Empire District Electric Co. (NYSE: EDE) grew third-quarter earnings 6 percent to $25.3 million from $23.9 million a year earlier.

The utility company posted diluted share earnings of 58 cents, a 3-cent increase from third-quarter 2014, according to a news release.

Company officials said the improved results were due to a July rate hike in Missouri expected to increase the company’s revenue by 3.9 percent a year, warmer weather and lower maintenance expenses.

“Results were on target with our 2015 earnings guidance,” President and CEO Brad Beecher said in the release.

Third-quarter financial notes:
    •    Empire District posted a gross margin of $122.6 million, including $116.6 million in electric revenue and $3.8 million in gas sales.
    •    Operating expenses rose by $800,000.
    •    Higher property taxes led to a $1 million increase in expenses.

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 $22.19 as of 10:44 a.m., compared to a 52-week range of $20.69 to $31.49.