It's lights out for yet another power company, as recessionary effects continue to diminish quarterly profits for companies in the sector. Power provider
said profit declined drastically in the first-quarter, marred by a lawsuit settlement and disappointing sales to industrial customers.
Earnings during the quarter plummeted 65% to $125.7 million, or 16 cents a share, from $359.2 million, or 47 cents a share in the year-ago period. Excluding a settlement charge of 26 cents, the company earned 42 cents a share. Analysts expected a profit of 41 cents a share.
Revenue remained flat at $3.67 billion.
also said on Wednesday that its first-quarter income took a nosedive. The company said earnings declined 45% to $67 million, or 19 cents a share, from $122 million, or 36 cents per share, in the same period last year.
American Electric Power
posted a 37% tumble in first-quarter earnings to $360 million, or 89 cents a share, from $573 million, or $1.43 a share, a year earlier.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.