El Paso Electric Company reported its third quarter revenue grew year over year but fell below market expectations.
The power company, which serves 379,000 customers in Texas and Northen Mexico, saw revenues climb nine percent to $208.7 million, although it missed estimates that placed its revenue at $285.5 million.
Year-on-year growth was helped by hotter-than-normal summer weather in the company's service territory, according to David W. Stevens, El Paso's Chief Executive Officer.
We established a new native peak record of 1,711MW in August 2011 which is almost a six-percent increase over the 2010 peak, said Stevens in the company's earnings statement.
The company's diluted earnings per share rose to $1.40 compared with $1.39 a year ago, up from the $1.31 estimated by analysts.
Net income, however, slipped 3 percent to $58.3 million as decreased allowance for funds used during construction offset gains in retail non-fuel base and transmission revenues.
El Paso Electric's shares rose 67 cents, or 2.13 percent, to $32.07 in early afternoon trading.
Contact Pierre Bertrand at email@example.com.