(RTTNews) - Diversified holding company Integrys Energy Group, Inc. (TEG: News ) said Wednesday it turned a profit in the third quarter, reflecting a sharp fall in non regulated costs of fuel, natural gas, and purchased power. However, the company noted that the third quarter was hampered by a difficult economic environment and unfavorable weather conditions. Integrys also raised its earnings guidance for full year 2009 and reaffirmed its 2011 earnings view.

The company's net income for the quarter attributed to common shareholders was $51.1 million or $0.66 per share, compared to a net loss of $59.1 million or $0.77 per share in the previous year.

Results for the quarter included $26.1 million of certain after-tax items, representing $27.6 million of after-tax non-cash gains related to derivative and inventory accounting activities at Integrys Energy Services, Inc. The prior-year third quarter results included $79.6 million of after-tax non-cash losses related to derivative and inventory accounting activities at Integrys Energy Services.

Excluding items, Integrys' earnings attributed to common shareholders increased to $25 million or $0.33 per share from $20.5 million or $0.27 per share in the same quarter last year.

Net income from continuing operations was $49.5 million or $0.63 per share, compared to a net loss of $58.4 million or $0.77 per share in the preceding year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter plunged to $1.3 billion from $3.22 billion in the previous year. Non regulated revenues fell to $754 million from $2.54 billion in the prior year. Utility revenues were $543.8 million, down from $680.1 million in the year earlier.

Operating income was $93.3 million, compared to an operating loss of $76.2 million in the preceding year.

The company experienced significant declines in non regulated cost of fuel, natural gas, and purchased power to $661.7 million from $2.64 billion in the same quarter a year ago.

For the nine-month period, Integrys Energy Group's net loss attributed to common shareholders was $94.4 million or $1.23 per share, compared to a net income of $100.8 million or $1.31 per share in the same period last year. Net loss from continuing operations was $94.7 million or $1.26 per share, compared to a net income of $103 million or $1.31 per share in the year-ago period.

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