Empire District Electric hits new stock high

Company shares (NYSE: EDE) opened Thursday at $24.05 and closed at $24.20. Shares were trading at $23.80 as of 10:30 this morning, compared to a 52-week range of $19.95 to $24.20.

The spike came shortly after Empire reported increased quarterly earnings, due mostly to customer growth and a summer acquisition.

The Joplin-based utility reported earnings of $22.4 million, or 74 cents per share, compared to $19.6 million, or 75 cents per share, in third-quarter 2005.

Revenues for the quarter increased $11.8 million to $131.6 million, a 9.9 percent rise from the same period a year ago.

Contributing to the increases were Empire’s unbilled revenue, customer growth and revenues from the gas operations of The Empire District Gas Co., acquired June 1. Empire holding company EDE Holdings Inc.’s decision to sell its interests in Mid-America Precision Products on Aug. 31 increased per-share earnings by 1 cent.

Earnings for the 12 months ended Sept. 30 were $32.3 million, or $1.19 per share, up from $24.5 million, or 95 cents per share, the previous year.

The utility also declared a quarterly dividend of 32 cents per share on common stock, payable Dec. 15 to shareholders of record as of Dec. 1.