Wednesday, Integrys Energy Group, Inc. (TEG), a diversified holding company with regulated utility operations, reported an increase in earnings for the second quarter, helped in large part by non-cash gains related to derivative and inventory accounting activities. The company also reiterated its forecast for fiscal 2009 and 2011.
Net income for the quarter increased to $34.7 million or $0.45 per share from $24.1 million or $0.31 per share in the corresponding period last year.
Results for the most recent quarter included $14.4 million of certain after-tax items, consisting of $26.3 million of after-tax non-cash gains associated with derivative and inventory accounting activities, partially offset by $11.9 million of after-tax expenses related to restructuring activities at Integrys Energy Services.
Results for the prior year period included $9.1 million of after-tax non-cash losses related to derivative and inventory accounting activities at Integrys Energy Services, and a $6.5 million after-tax non-cash goodwill impairment loss related to the natural gas utility segment.
Excluding items, earnings declined to $20.3 million or $0.26 per share from $39.7 million or $0.52 per share in the year-ago quarter. On average, two analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
For the six month period, net loss amounted to $145.5 million or $1.90 per share compared with net income of $159.9 million or $2.08 per share in the same period last year.
Looking ahead, for 2009, the company reaffirmed its previous adjusted earnings guidance range of $2.17 - $2.32 per share. Currently, Street analysts expect the company to earn $2.39 per share for 2009. For 2011, the first full year Integrys Energy Group expects to be a predominantly Midwestern regional regulated utility company, it reaffirmed its projected adjusted earnings guidance range of $2.80 - $3.20 per share.
Given the previously announced strategic shift to focus on its core utility businesses, Integrys Energy Group, which operates through six wholly owned subsidiaries, excluded any guidance related to Integrys Energy Services .
The company also affirmed its expected long-term diluted earnings per share growth rate of 4% to 6%, on an average annualized basis, with 2009 as its base year, excluding non-cash derivative accounting and inventory valuation adjustment gains and losses.
TEG declined $0.01 or 0.03% and closed Wednesday's regular trading at $34.22. After hours, TEG fell further $0.13 or 0.39% and traded at $34.09.
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