Empire District Electric heats up income during cold winter

Joplin-based Empire District Electric Co. (NYSE: EDE) recorded 2013 net income of $63.4 million, a 13.8 percent boost from the $55.7 million in profits posted in 2012. Company officials noted colder than usual December weather lifted revenues for the utility company, positively affected both the fourth quarter and full year.

The company reported diluted earnings per share of $1.48 for 2013, a 16-cent uptick year-to-year, according to a news release from Empire District, which claims some 217,000 customers in Missouri - including Greene County - Kansas, Oklahoma and Arkansas.

2013 financial notes:

• Fourth-quarter net income rose to $15.2 million, a 58.3 percent increase from $9.6 million in the same quarter of 2012. Diluted share earnings for the quarter ended Dec. 31 rose 12 cents to 35 cents per share.
• Electric revenues contributed $536.4 million in 2013, with gas revenues coming in at $50 million.
• The Missouri Public Service Commission gave unanimous approval for Empire District to increase rates in April, which is expected to add $27.5 million in annual revenue.

On Dec. 3, Empire District filed a request with the Arkansas Public Service Commission to increase costs for its electric customers in the state, a move expected to push revenue up by $2.2 million annually. If approved, the company expects rate would become effective in late summer, the release said.

EDE shares were trading at $22.55 as of 11:12 a.m., compared to a 52-week range of $20.77 to $24.32.