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Puget Energy Profit Jumps

TSC and IRIS Staff

Energy services holding company Puget Energy(PSD) said Thursday its second-quarter earnings jumped, boosted by strong results from its utility operations and a gain from the InfrastruX sale.

The Washington-based company earned $53.5 million, or 46 cents a share, in the quarter, including 28 cents from discontinued operations of its former utility construction services subsidiary InfrastruX group, compared with $13.9 million, or 14 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of $16.9 million, or 14 cents a share in the most recent quarter.

Second-quarter revenue rose 12.6% from a year ago to $574.2 million. Analysts were expecting revenue of $539.4 million.

The company expects to earn $1.40 a share to $1.55 a share in the year 2006, from PSE.

The company earned $30.1million, or 26 cents a share in the quarter from PSE, compared with $12.2 million, or 12 cents a share, a year ago.

Puget Energy's second quarter operating income rose 28.1% from a year ago to $66.5 million and operating margin increased 140 basis points to 11.6%.

By segment, second-quarter revenue from electric business rose 10.3% from a year ago to $381 million and revenue from gas business rose 18.4% to $192.5 million.

The stock of Puget closed down 27 cents, or 1.2%, to $22.13 Thursday.