Empire District Electric posts flat 3Q earnings

Joplin-based Empire District Electric Co. (NYSE: EDE) reported earnings of $25.5 million in the third quarter, roughly flat from a net income of $25.2 million in the same quarter last year.

The company, which serves approximately 215,000 customers in Missouri - including Greene County - Kansas, Oklahoma and Arkansas, posted 60-cent earnings per share during the quarter ended Sept. 30, flat from third-quarter 2011, according to a news release.

Empire District's $159.2 million in consolidated third-quarter revenues comprised $152.7 million in electric revenues, $5 million in gas revenues and $1.6 million from the company's other revenue lines. Total revenues in the latest quarter were down 3 percent compared to consolidated revenues of $164.3 million in the three months ended Sept. 30, 2011.

The release said lower revenues were the cause of weather impacts - weather in the third quarter was warmer than normal but milder than third-quarter 2011.

Third-quarter highlights:

• Empire District's electric revenues fell by $4.9 million from $157.6 million last year. Gas revenues decreased 1 percent and other revenue sources dropped by 8 percent.
• The costs for fuel, purchased power and natural gas sold and transported totaled $49.3 million, down 11.3 percent from $55.5 million.
• Other operating expenses were $74.6 million, and operating income was $35.3 million.

As of 8:56 a.m., Empire District's shares were trading at $21.67, compared to a 52-week range of $19.34 to $22.04. The company hit its stock high a week before its third-quarter earnings were released.