7.15%MS 14.86 53.51%BAC 22.41 7.38%
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EL PASO, Texas - Utility company El Paso Electric Co. said Tuesday its first-quarter profit slipped 4 percent, because of increased operating expenses at its nuclear power station, executive severance costs and decreased investment income.
| EE | 17.45 |  0.26 |
The company reported income of $14.5 million, or 32 cents per share, compared with $15.1 million, or 33 cents per share, in the year-ago period.
On an adjusted basis, excluding an executive severance payment and unrealized losses on debt and equity investments, earnings in the first quarter of 2008 were 36 cents per share.
Analysts polled by Thomson Financial, on average, estimated earnings of 28 cents per share. Analyst estimates typically exclude one-time, unusual items.
Total revenue net of energy expenses rose 8 percent to $124 million from $114.3 million in the first quarter of last year.
The company's earnings are driven by revenue from retail customers, operations at its Palo Verde nuclear power plant and off-systems sales in the wholesale power market.
El Paso said operation and maintenance expenses at its Palo Verde plant increased by $4.4 million before taxes, partly because of increased costs during a refueling outage.
Total retail nonfuel base revenue rose 2 percent to $103.8 million. Total fuel revenue rose 24 percent to $56.7 million. Off-system sales more than doubled to $73.5 million.
NAME: Neel Kashkari AGE: 35
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