News Column

BRIEF: El Paso Electric profit increased 3 percent to $30.1 million in 2nd quarter

August 6, 2014

By Vic Kolenc, El Paso Times, Texas

Aug. 06--El Paso Electric's profit increased 3 percent to $30.1 million, or 75 cents per share, in the second quarter compared to a year ago even though milder weather caused electric sales to decrease slightly, the company reported Wednesday.

The decreased electric sales were more than made up by the company getting $2.1 million in performance rewards in the quarter from the Palo Verde nuclear power plant, it reported.

The company's retail and wholesale electric sales decreased $900,000, or a decrease of 0.6 percent in the April-June quarter compared to a year ago. Those sales totaled $151.1 million in the second quarter.

The company continues to see growth in customers, El Paso Electric Chief Executive Officer Tom Shockley noted in a statement. The company's customer base increased 1.4 percent in the quarter to 397,025 customers.

El Paso Electric's stock (EE) was down 48 cents per share to $35.94 per share in midday trading on the New York Stock Exchange.

Vic Kolenc may be reached at 915-546-6421.


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Source: El Paso Times (TX)

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