Empire District Electric net income grows 9%

Joplin-based Empire District Electric Co. (NYSE: EDE) pushed profits to $11.7 million in the second quarter, a 9.3 percent increase compared to $10.7 million in the same quarter of 2012.

Earnings per share increased 2 cents to 27 cents during the three months ending June 30, 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 an April electric rate increase in Missouri as a key revenue driver, though it was partially offset by cooler June temperatures and higher electric operating, depreciation and amortization expenses. The Missouri electric increase, approved unanimously by the Missouri Public Service Commission, is expected to add $27.5 million in annual revenues to Empire District's bottom line.

During the quarter, Empire District also issued $150 million in first-mortgage bonds to absolve $98 million in senior notes due June 15, 2013. The remaining proceeds will be used for general corporate purposes, according to the release.

Second-quarter financial highlights:

• Electric revenue totaled $127 million, a 2.3 percent increase from $124.1 million in the same quarter of 2012.
• Gas revenue increased 34.5 percent to $7.8 million from $5.8 million.
• Operating and maintenance expenses rose 8.7 percent to $37.4 million from $34.4 million.

EDE shares were trading at $23.46 as of 10:51 a.m., near a 52-week high of $24.32 set July 23. The company's 52-week low is $19.59.[[In-content Ad]]