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El Paso Electric Q2 Profit Down; Cuts 2018 EPS View

El Paso Electric Co. (EE) reported that its net income for the second-quarter declined to $33.3 million or $0.82 per share from $36.1 million or $0.89 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Operating revenues declined to $236.80 million from $251.84 million last year.

The company adjusted GAAP earnings guidance for 2018 to $2.25 to $2.55 per basic share from the previous range of $2.30 to $2.65 per basic share. After removing the unrealized and realized gains (losses) of $0.20 to $0.25 per share non-GAAP earnings guidance range is $2.05 to $2.30 per basic share. Analysts expect annual earnings of $2.44 per share.

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