Allegheny Energy Inc. (AYE) reported that its third-quarter net income attributable to the company was $77.0 million or $0.45 per share, compared to $89.0 million or $0.52 per share in the same quarter last year.
Adjusted income for the quarter was $ 100.1 million or $0.59 per share, compared to $91.4 million or $0.54 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusted net income for the third quarter of 2009 excludes $19.3 million of pre-tax interest expense related to a debt tender offer and net unrealized pre-tax losses of $18.3 million on economic hedges that do not qualify for hedge accounting. Adjusted net income for the third quarter of 2008 excludes $4.0 million of unrealized pre-tax losses on economic hedges.
Operating revenues for the quarter were $793.7 million, compared to $849.6 million in the prior year quarter. Three analysts had consensus revenue estimate of $952.14 million for the quarter.
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