Empire District Electric profits fall 6% on cooler 3Q weather

Joplin-based Empire District Electric Co. (NYSE: EDE) today reported third-quarter earnings of $24 million, a 5.9 percent decrease compared to net income of $25.5 million in the same quarter a year ago.

The utility company posted earnings per diluted share of 56 cents for the three months ended Sept. 30, a 4-cent drop, according to a news release from Empire District, which claims some 216,000 customers in Missouri - including Greene County - Kansas, Oklahoma and Arkansas.

Company officials said cooler third-quarter weather - resulting in less air conditioner use - offset additional earnings brought on by increased Missouri electric rates, which went into effect April 1. The rate bump, approved unanimously in March by the Missouri Public Service Commission, is expected to give the Joplin company $27.5 million in additional annual revenue.

The release also cited higher electric, depreciation and amortization expenses compared to the same quarter of 2012.

Third-quarter financial notes:

• Electric revenue dropped 1.5 percent to $150.4 million and gas revenue was flat at $3.8 million.
• Other sources of revenue brought in $2.1 million, resulting in a gross margin of $111.4 million.
• The Empire District Board of Directors declared a quarterly dividend of 26 cents per share, a 2 percent increase.

Empire District officials are projecting full-year earnings to land at $1.26 to $1.43 per share, in the mid to upper end of the company's guidance range.

EDE shares were trading at $22.36 as of 9:51 a.m., compared to a 52-week range of $19.59 to $24.32.[[In-content Ad]]