- The Company reported consolidated earnings for the year ended December 31, 2012 of $55.7 million, or basic and diluted earnings per share of $1.32. This compares to 2011 earnings of $54.9 million, or $1.31 per share. Earnings for the 2012 fourth quarter were $9.6 million, or $0.23 per share, compared with 2011 fourth quarter earnings of $8.7 million, or $0.21 per share.
- Results for 2012 were positively affected by increased electric gross margins. Electric and gas revenues and margins were negatively affected in 2012 by milder weather compared to 2011. However, improving electric customer counts coupled with a full year of increased electric customer rates drove a positive change in year over year gross margin.. Results were also positively impacted by decreased depreciation expense resulting from decreased regulatory amortization which ended during 2011. This positive increase was offset, though, by increases in electric operating expenses.
- On October 18, 2012, a unanimous agreement between the Company, the MPSC staff and the Office of Public Counsel was filed with the MPSC for an annual increase in revenues of approximately $450,000 for our Missouri water customers. The MPSC issued an order approving the agreement on October 31, 2012. Rates became effective November 23, 2012.
- The Company expects 2013 earnings to be within the range of $1.26 to $1.43 per share.
The Empire District Electric Company 2012 Earnings Report And 2013 Earnings Guidance
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