El Paso Electric Co. (EE) Thursday reported a slight rise in profit for the third quarter, benefiting from higher revenues due to a growth in non-fuel retail business and lower interest and income tax expenses. The company's per share earnings topped analysts' estimates by 10 cents. Further, the company raised its earnings guidance for fiscal 2009.
Net income for the third quarter rose to $33.93 million or $0.76 per share from $33.07 million or $0.74 per share in the previous year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.
The El Paso, Texas-based company's operating revenues net of energy expenses for the quarter increased to $159.07 million from $153.31 million last year.
Retail non-fuel base revenues increased 8.1% to $146.83 million from $135.60 million a year ago reflecting a 13.6% increase in kWh sales to residential customers and a 6.1% increase in kWh sales to other public authorities.
Off-system retained sales margins declined to $2.28 million from $5.35 million last year. Deregulated Palo Verde Unit 3 proxy market pricing were $3.16 million, compared to $5.96 million in the previous year. Other revenues rose to $6.81 million from $6.39 million last year.
Interest on long-term debt decreased to $12.19 million from $12.58 million last year. AFUDC and capitalized interest declined to $3.79 million from $4.17 million.
Income tax expense declined to $17.57 million from $18.19 million in the previous year.
For the nine-month period, net income declined to $58.97 million or $1.31 per share from $66.79 million or $1.48 per share in the same period of the previous year. Operating revenues for the period declined to $409.28 million from $413.64 million in the same period last year.
Looking forward, the company revised its earnings guidance to a range of $1.35 to $1.55 per share from a range of $1.00 to $1.50 per share for the fiscal 2009. Analysts expect the company to report earnings of $1.35 per share on revenues of $717.05 million for the fiscal year.
EE is currently trading at $18.64, up 0.48 or 2.58%, on the NYSE.
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