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Allegheny Energy 1Q Profit Edges Down 2 Pct

Stock quotes in this article: AYE  

GREENSBURG, Pa. (AP) — Allegheny Energy Inc., an electricity and natural gas provider, on Tuesday said its first-quarter profit dipped 2 percent due to higher costs and income taxes.

The Greensburg, Pa.-based company said its quarterly earnings slid to $133.9 million, or 79 cents per share, compared with $136.1 million, or 80 cents per share in the prior-year quarter.

Results include a $32.4 million pretax gain related to economic hedges that do not qualify for hedge accounting. Excluding one-time items, the company posted an adjusted profit of 67 cents per share. ...

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