Electrical utility Cleco Corp. (CNL), Wednesday reported first-quarter financial results, posting a lower net income, when compared to the same quarter a year ago, hurt by a drop in revenues. The company also provided guidance for the full year 2009.
Pineville, Louisiana-based Cleco's net income applicable to common stock for the first-quarter decreased to $6.6 million or $0.11 per share from $22.1 million or $0.37 per share in the same quarter a year ago, hurt by milder weather, an increase in interest expense at Cleco Power and an increase in planned outage expenses at Cleco Midstream.
Net income for the first quarter also declined to $6.65 million from $22.07 million in the comparable quarter a year ago.
Earnings per share from continuing operations for the first quarter declined to $0.11 per share to $0.37 per share.
On average, seven analysts polled by Thomson Reuters expected earnings of $0.30 per share for the first quarter. Analysts' estimates typically exclude special items such as one time charges or gains.
Operating income for the first quarter increased to $17.2 million from $26.5 million in the comparable quarter a year ago.
Operating revenues for the first quarter also decreased to $212.9 million from $222.5 million in the same quarter a year ago.
The company recorded a 9% decline in retail and wholesale sales from the same quarter a year ago as well as a 10% reduction in heating degree-days from the same quarter a year ago.
Total interest charges for the quarter totaled $15.1 million, up from $9.5 million in the same quarter a year ago and allowance for other funds used during construction increased to $16.9 million from $13.7 million in the corresponding quarter a year ago.
Moving ahead to the fiscal year 2009, the company now expects consolidated earnings in the range of $1.62 per share to $1.72 per share, below the Street's current earnings estimate of $1.81 per share for the full year.
CNL closed Wednesday's trading at $21.41, up $0.10 or 0.47% on the NYSE.
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