Empire Electric grows revenue, net income

Joplin-based Empire District Electric Co. (NYSE: EDE) reported $154.1 million in third-quarter  revenues, citing favorable weather and a rate increase made during the quarter.

Warmer weather helped to increase third-quarter revenues by approximately $9.2 million more than they were in fiscal 2009, due to increased sales of electric fuel and purchased power expense, according to an Empire news release.

Revenues also were favorably affected by the company's approved electric rate increase for its Missouri customers, which took effect Sept. 10, just before the end of the third quarter on Sept. 30. The measure is expected to add $46.8 million in annual revenue.

Total revenues increased 20 percent to $154.1 million, compared to $128.1 million in the the third quarter of fiscal year 2009, the release said.

Empire filed another electric rate increase request Sept. 30 with the Missouri Public Service Commission. If approved, the new rates are expected to grow annual revenues by $36.5 million.

Net income for the third quarter increased 55 percent to $23 million, compared to $14.8 million in the same quarter of 2009. Price per diluted share increased 12 cents to 55 cents, up from 43 cents per diluted share in third-quarter 2009, the release said.

Empire sells regulated electric, gas and water utilities to approximately 215,000 customers in Missouri, Kansas, Oklahoma and Arkansas.

Empire shares were trading at $21.26 as of 9:05 a.m., compared to a 52-week range of $17.57 to $21.30.[[In-content Ad]]