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EL PASO, Texas - El Paso Electric Co. said Wednesday its third-quarter profit fell 8 percent, missing Wall Street expectations on reduced investment income and higher interest costs. It also narrowed its full-year earnings guidance.
| EE | 17.95 |  -0.29 |
The electric utility said its profit fell to $33.1 million, or 74 cents per share, for the quarter ended Sept. 30 from $36.1 million, or 79 cents per share in the same quarter last year. Revenue increased to $153.3 million.
The earnings fell short of Wall Street's estimates, with analysts polled by Thomson Reuters expecting 80 cents per share in earnings, on average.
El Paso said interest costs increased from the quarter due to an issuance of $150 million of senior notes earlier in the year, while investment income fell due to equity investments in a nuclear plant decommissioning trust. It also said earnings were hurt by reduced revenue from retail customers, though overall revenue rose.
Shares of El Paso fell $1.28, or 6.8 percent, to $17.57 in morning trading Wednesday.
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