GPU Misses Estimates, But Says 2001 May be Above Forecast

Earnings Scorecard
Actual	Estimated*	Year-Ago
$0.80	$0.82	$0.56

GPU(GPU Quote) reported fourth-quarter earnings today that feel short of Wall Street's expectations by two cents, but conditionally forecast fiscal 2001 earnings above analysts' estimates.

For its fourth quarter ended Dec. 31, GPU, a holding company for three electric utilities, earned $98.2 million, or 80 cents a share, excluding one-time charges. Eleven analysts surveyed by First Call/Thomson Financial expected the company to earn 82 cents a share.

The company posted fourth-quarter revenue of $1.28 billion, down from $1.37 billion in the year-ago period.

GPU said it expects to earn $3.35 a share for fiscal 2001. However, the estimate is contingent on obtaining regulatory relief in Pennsylvania, where it is operating under a rate cap. With no regulatory relief, the company projects earnings of just $2.35 a share. The 11-analyst First Call/Thomson Financial consensus is for GPU to earn $3.29 cents a share for fiscal 2001.

GPU's holdings include Jersey Central Power and Light Company, Metropolitan Edison Company and Pennsylvania Electric Company. The company is based in Morristown, N.J.

Shares of GPU fell 10 cents, or 0.3%, to $31.60 in recent New York Stock Exchange trading.