Energy services provider
swung to a loss in the first quarter due to charges related to debt reduction and valuation adjustment of its investment in Mexico.
The company posted a loss of $1.6 million, or 1 cent a share, for the quarter, compared with a profit of $2.4 million, or 2 cents a share, a year ago. Earnings from continuing operations were 11 cents a share in the latest quarter; excluding items, they were 47 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 36 cents a share on this basis.
First-quarter revenue rose 16.5% to $930.9 million. Analysts were expecting revenue of $864 million.
The company's earnings from utility operations was 55 cents a share for the quarter, up from 36 cents a share, a year ago. The higher earnings were largely due to electric and gas rate increases and the impact of the sale of its interest in the Duane Arnold Energy Center, it said.
The company raised its fiscal 2006 forecast for earnings from continuing operations, excluding debt repayment premiums, to $2.15 a share to $2.35 a share from $2.10 a share to $2.30 a share previously. Analysts expected full-year earnings of $2.21 a share.
Shares rose 3 cents to $32.78.
This story was created through a joint venture between TheStreet.com and IRIS.