This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

UNS Energy Reports 2012 Earnings, Declares Dividend

Stocks in this article: UNS

UNS Energy Corporation (NYSE: UNS) today reported 2012 net income of $90.9 million, or $2.20 per diluted share of common stock, compared with net income of $110.0 million, or $2.75 per diluted share in 2011. TEP reported net income of $65.5 million in 2012, 23 percent below net income of $85.3 million in 2011.

“We achieved all of our key operational and financial objectives in 2012,” said Paul Bonavia, UNS Energy’s Chairman and Chief Executive Officer. “We exceeded our safety and service reliability targets and held operating and maintenance costs below our initial 2012 budget, as well as below 2009 levels.”

“And earnings were in the middle of our guidance range, even though we were challenged by slow economic recovery, customer implementation of energy efficiency measures and TEP’s out-dated retail rate structure,” Bonavia said.

In July 2012, TEP submitted an application with the Arizona Corporation Commission (ACC) seeking the company’s first non-fuel base rate increase since 2008. On February 4, 2013, TEP, ACC Staff and several other parties entered into a rate settlement agreement. Provisions of the settlement include an increase in TEP’s non-fuel revenues of approximately $76 million, as well as rate adjustment mechanisms related to energy efficiency and environmental compliance.

“The proposed settlement agreement is broadly supported by many of our key stakeholder groups. The agreement contains provisions that provide tangible benefits to our customers, while supporting TEP’s long-term financial stability,” Bonavia said.

The ACC must approve the settlement agreement before new rates can become effective. If approved, the average bill for an average residential customer would increase by less than $3 per month.

Tucson Electric Power

Retail kWh Sales and Revenues

TEP’s retail kWh sales decreased by 0.7 percent in 2012, due in part to fewer cooling degree days during the summer months compared with 2011. The decrease in retail sales volumes led to a 1.2 percent, or $6.6 million, decrease in TEP’s retail margin revenues compared with 2011.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs