UniSource Energy Corp. (UNS: Quote) posted first-quarter net income of $6.5 million or $0.17 per share compared to $13.5 million or $0.35 per share last year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter fell year-over-year to $318.87 million from $344.77 million. Analysts anticipated revenues of $335.95 million for the quarter.
Paul Bonavia, UniSource Energy's chairman and chief executive officer, stated, "We anticipated weaker financial results this year as we enter the final year of TEP's current base rate freeze. We remain disciplined in controlling operating expenses, however costs related to utility system investments, the impact of energy efficiency programs, and slow economic recovery will continue to put pressure on our financial performance. A key area of focus over the next 15 months is TEP's upcoming rate filing with the Arizona Corporation Commission."
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by RTT Staff Writer
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