Wednesday, UniSource Energy Corp. (UNS) reported third-quarter net income of $58 million or $1.45 per share, compared to a net loss of $11 million or $0.31 per share a year ago. Total operating revenues for the quarter increased 6.8% to $414.24 million from $387.85 million.
On average, analysts expected earnings of $1.45 per share on revenues of $416.05 million for the quarter. Improvement in third quarter earnings is due primarily to hot summer weather, significantly lower fuel and purchased power expenses, and operating cost containment, the company said.
UniSource reaffirmed its 2009 GAAP earnings guidance of $2.55 to $2.70 per diluted share. Analysts expect earnings of $2.61 per share.
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