Empire District Electric reports $3.2 mil earnings

Jeremy Elwood

Posted online August 4, 2005 | 11:00 pm

Joplin-based Empire District Electric Co. on July 28 announced second quarter earnings of $3.2 million, or 12 cents per share, an increase of 52 percent over the second quarter of 2004.

Quarterly revenues were $10.6 million higher than the second quarter of last year. The company attributed more than half of the increase to higher electric rates in Missouri and Arkansas.

Despite increased revenues, fuel and power costs increased $6.6 million, reducing earnings per share by about 17 cents. Operating expenses also hit earnings per share, dropping them by 3 cents, due in large part to increased health care coverage and pension costs.

Empire District Electric Co. (NYSE: EDE) is an investor-owned utility providing electric service to 157,000 customers in southwest Missouri, southeast Kansas, northeast Oklahoma and northwest Arkansas. Shares of company stock closed Aug. 4 at $23.15. [[In-content Ad]]