This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Empire District Electric Company 2012 Earnings Report And 2013 Earnings Guidance

(NYSE:EDE) The Empire District Electric Company, an operator of regulated electric, gas and water utilities, announced today the results for the quarter and year ended December 31, 2012.

Highlights
  • 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.

2012 Results

Electric segment gross margin (electric revenue less fuel and purchased power costs) increased approximately $7.8 million during the twelve months ended December 31, 2012, reflecting a decrease in revenues of approximately $13.6 million and a decrease in electric fuel and purchased power expenses of approximately $21.4 million compared to 2011. Milder weather during the 2012 period compared to the 2011 period reduced electric revenue approximately $25.6 million. This negative impact was partially offset by a full year of electric customer rate increases for our Missouri customers, adding approximately $12.0 million to revenue and positively impacting gross margin compared to the 2011 period. Improving electric customer counts added approximately $4.2 million during 2012, as customers continued to return to the system following the May 2011 tornado. As of December 31, 2012, our system-wide electric customer count, which includes the effects of the tornado, was down approximately 400 customers from pre-storm levels. This compares to a decrease of approximately 1,800 customers at December 31, 2011. A change in our estimate for unbilled revenue contributed approximately $3.0 million to revenues and margin during 2012. Decreases in non-volume fuel expenses also increased margin by approximately $4.3 million over last year. Electric off-system and miscellaneous revenues decreased approximately $7.2 million during 2012 compared to 2011.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs